RBA increases interest rate to 3.35%

ChuChu Rocket

RBA increases interest rate to 3.35%

1 by ChuChu Rocket

This is the highest it's been in 10 years.

The rate hike now adds an additional $77/month in repayments to a $500k variable rate owner-occupied mortgage & $116/month to a $750k mortgage

Repayments for the same amounts are up approx $821/month and $1,232/month respectively since April '22.

These users thanked the author ChuChu Rocket for the post (total 5):: Chickenspicy, Jimmy, moey_dw, Jedidiah, boytoy

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moey_dw

Re: RBA increases interest rate to 3.35%

2 by moey_dw

ChuChu Rocket wrote: Tue Feb 07, 2023 3:32 pm The rate hike now adds an additional $77/month in repayments to a $500k variable rate owner-occupied mortgage & $116/month to a $750k mortgage

Repayments for the same amounts are up approx $821/month and $1,232/month respectively since April '22.

EXPECTED....... WAIT UNTIL IT HITS 5% LOL

These users thanked the author moey_dw for the post (total 3):: Jedidiah, ChuChu Rocket, boytoy

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ChuChu Rocket

Re: RBA increases interest rate to 3.35%

3 by ChuChu Rocket

moey_dw wrote: Tue Feb 07, 2023 3:59 pm EXPECTED....... WAIT UNTIL IT HITS 5% LOL

That would be a killer for the average joe with a mortgage. Just think about it, the mortgage rate in Australia was 0.01% over a year ago now it's 3.35% so a mortgage holder with a $500,000 loan will be paying over $900 extra just in interest each month now compared to say April last year.

boytoy

Re: RBA increases interest rate to 3.35%

4 by boytoy

moey_dw wrote: Tue Feb 07, 2023 3:59 pm EXPECTED....... WAIT UNTIL IT HITS 5% LOL

Housing crash in down under is coming.