Tuesday the Reserve Bank of Australia (RBA) increased the official cash rate for the sixth consecutive month by just 25 basis points / 0.25% (experts expected it to go up by 50 basis points / 0.50%). The cash rate now sits at 2.60%, the highest since July 2013.

What does this mean for mortgage lenders?

With yesterday’s increase alone, monthly repayments on a 25-year mortgage have gone up by an estimate:

• $74 on a $500,000 loan
• $110 on a $750,000 loan
• $147 on a $1,000,000 loan

Since May, 25-year mortgage monthly repayments have increased by an estimate:

• $687 on a $500,000 loan
• $1,030 on a $750,000 loan
• $1,347 on a $1,000,000 loan

Have peace of mind that we act in your best interest when negotiating a home loan or refinance package with banks and lenders, that is most suitable for your financial position. Contact us today.