Forex
Rate Rise Looms: Mortgage Holders Face Highest Interest Rates Since 2011
Mortgage holders in Australia are bracing for their highest interest rates since 2011 as the Reserve Bank of Australia prepares to make its decision at its September meeting.
Four of the big banks, including ANZ, are tipping a rate rise on Tuesday, with some predicting further hikes when the RBA meets again in November.
The cash rate could rise to a 15-year high, taking it above the 2022-2023 hikes. This would be the highest setting seen since October 2011.
A 0.25 percentage point increase tomorrow would add $91 to the monthly repayments for a borrower with a $600,000 loan and 25 years remaining at the start of this year's hikes.