Australian Mortgage Holders Braced for Higher Repayments as RBA Rate Hike Looms

Australian households with mortgages may face another financial squeeze as the Reserve Bank of Australia (RBA) is expected to raise interest rates on September 29.

The OurTop10 Rate Prediction Index puts the probability of an increase at 82.4 per cent, compared to a 15.6 per cent chance of rates remaining unchanged.

All four major banks - Commonwealth Bank, NAB, Westpac, and ANZ - expect an interest rate rise, with some anticipating further increases beyond September.

The cash rate currently stands at 4.35 per cent, following three increases since the start of the year.