On the day of the race that stops a nation, the RBA has increased the cash rate by yet another 0.25% taking it to 4.35%. How will this latest hike affect your home loan repayments?
Tough Times for Mortgage Holders
It’s another challenging day for mortgage holders across the country.
Despite the official cash rate remaining unchanged since June, many were hopeful it would continue that way. However, the RBA has opted for yet another Melbourne Cup Day rate increase as it did last year which it describes as an effort to combat inflation.
This marks the 13th rate hike in the past 18 months since May 1, 2022, pushing the official cash rate to its highest level since November 2011.
Furthermore, this rate hike also marks the first major decision under the leadership of new RBA Governor Michele Bullock who took office in September.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.