More pain for borrowers as interest rate hits 15-year high

2 hours ago The News Room

The Reserve Bank of Australia has made the unanimous decision to lift the cash rate to 4.6 per cent — the highest it’s been in 15 years — adding more pain for Australians paying off a mortgage.

Macquarie Bank was the first to confirm it’ll pass on the 25-basis point increase to its customers from 15 October, but the others are expected to follow suit.

It means borrowers with a typical 25-year, $700,000 mortgage would need to pay an extra $107 per month on their repayments.

If you combine today’s increase with the previous three this year, that’s $424 per month more since February.

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