RBA interest rate rise: How the change will impact your mortgage

How would a rate hike impact you?

For many mortgage borrowers, another 0.25 percentage point increase would add to monthly repayments that have already soared by hundreds of dollars this year.

According to analysis by financial comparison site Canstar, a standard rate rise would add roughly $107 to the monthly repayments on a $700,000 loan on an average variable rate, bringing the cumulative increase this year to $424 a month.

But not all loans are the same. Here’s how to know if you’ve got a good rate.

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