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

59 minutes 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.

SBS News is Australia’s trusted news source for the latest news from Australia and across the world.

Subscribe to the SBS News YouTube channel: https://www.youtube.com/@SBSNews
Follow SBS News on Instagram: https://www.instagram.com/sbsnews_au
Follow SBS News on TikTok: https://www.tiktok.com/@sbsnews_au
Follow SBS News on X: https://www.twitter.com/SBSNews
Follow SBS News on Facebook: https://www.facebook.com/sbsnews
Apple News: https://trib.al/MTx0gUe

For the latest news, visit www.sbs.com.au/news

Network Terms & Conditions: https://sbs.com.au/terms
Privacy Policy: https://sbs.com.au/privacy
Feedback or complaints: https://sbs.com.au/complaints