RBA makes big call on interest rates
Cash rate rises 25 basis points to 4.35%
The Reserve Bank of Australia (RBA) has made a big call on interest rates, hiking the cash rate by 25 basis points to 4.35%. It is the highest level in 12 years.
What does this mean for you?
If you have a variable rate home loan, your monthly repayments will increase. For example, a borrower with a $500,000 loan will see their monthly repayments increase by around $60.
The RBA's decision is in line with expectations, and it is likely that further rate hikes will follow in the coming months. The RBA is trying to curb inflation, which is currently at its highest level in decades.
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