October 05, 2022 by Hasi Mutluel
The Reserve Bank of Australia has raised the official cash rate by 25 basis points to 2.60%.
What does this mean for mortgage holders? Read our special interest rate news below.
Many lenders will likely pass this increase on in the coming weeks. Whether this affects you will depend on how much your lender raises your interest rate by, and how your loan and your repayment schedule are structured.
We understand you may be concerned about the impact of bigger loan repayments on your household budget, particularly at a time when grocery, power and fuel costs are rising.
When it comes to your home loan, it’s important to understand what you’re paying, how any changes to your lender’s rate will affect you, and whether a more competitive rate might be available. We’re happy to help – please get in touch if you have any questions or would like to discuss your options.
