RBA Hikes Interest Rates to 15-Year High, Mortgages Hit Hard

The Reserve Bank of Australia (RBA) has raised interest rates for the fourth time this year, increasing the cash rate target to 4.60 per cent.

This is a 25 basis point rise from the previous mark of 4.35 per cent, taking interest rates to their highest level in 15 years.

The RBA's decision will likely impact mortgage repayments for many Australians.

Using our mortgage calculator, on a 25-year loan of $600,000 at 6.50 per cent, the monthly repayment would increase by an extra $93.