How much extra could mortgage repayments cost now the cash rate is 1.85 per cent?

 In Home News Section, Uncategorized

The Reserve Bank of Australia (RBA) has increased the cash rate by 0.5 percentage points.

That means the cash rate is now 1.85 per cent, up from 1.35 per cent last month.

If you’re on a variable rate, your repayments will probably increase too.

This repayments calculator shows how much extra you may have to pay each month.

Plug in your current loan size, term and interest rate to see the difference.

Note: The additional amount on your repayments will be higher if you’re on a longer term loan as compared to a short term one due to the accumulation of interest over time.

However, the overall amount you pay on a longer term loan will still be less than a short term one.

Individual lenders also decide how much of the RBA rate rise to pass on and this estimate does not factor in any bank fees or charges, so check with your lender to get an exact amount.

Cost of living: Ask us a question or share your story

(Original ABC Article)