Interest rates have risen again.Credit:Aresna Villanueva
The Reserve Bank of Australia has enacted a seventh successive interest rate increase.
On Tuesday the RBA board lifted the cash rate by another 25 basis points to 2.85 per cent.
The nine-year high increases the repayments on an $800,000 mortgage to more than $1000 a month since May.
Use our mortgage repayment calculator below to see what Tuesday’s increase of 25 points (the left toggle button) means for your repayments.
Enter your loan amount, the length of your loan, your existing interest rate, then click the +0.25 per cent rise for November to get your extra monthly repayment.
Calculations are based on monthly fixed interest rate increases on principal loan amount excluding requisite monthly repayments, adjustments to repayment amounts, or additional repayment instalments.
Lenders make individual choices on what is passed on from the RBA so check with your lender.
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