The Reserve Bank of Australia (RBA) has raised its cash rate by 25 basis points to 4.35%, marking its 13th rate rise since May 2022.
This move, the first in five months, is aimed at addressing inflation concerns. Governor Michele Bullock stated that inflation in Australia remains too high and persistent, prompting the rate hike. The RBA remains prepared to raise rates further if necessary.
Treasurer Jim Chalmers expressed concern, noting that the rate increase will impact those already facing challenges. The quarter-point hike is expected to increase monthly repayments for a standard $600,000 mortgage by approximately $100, contributing to a total increase of $1450 since the rate-increase cycle began.
For more information: https://www.theguardian.com/australia-news/2023/nov/07/rba-interest-rates-rise-hike-november-official-cash-rate-announcement-reserve-bank-australia
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*This article is general information only and does not constitute financial advice. Your personal circumstances will need to be assessed before any product or proposal is recommended. Mark Hind is an Authorised Credit Representative (ACR 519951) of Outsource Finance Pty Ltd, Australian Credit Licence 384324.
You've seen the ads a big, bold interest rate that looks incredibly competitive. But there's another number sitting quietly beside it that tells a very different story.
The RBA has lifted the cash rate to 4.35%, and most lenders are expected to pass it on. If you've got a mortgage in the Moreton Bay region, your repayments are likely going up.
When the Reserve Bank of Australia raises the cash rate, it can directly affect home loan interest rates and mortgage repayments.
Whether you're just starting to explore your options or ready to move Mark and the team are here to help. Get in touch for a no-obligation chat and find out what's possible for your situation.
