RBA Set for Fourth Interest Rate Hike this Year

The Reserve Bank of Australia is widely expected to raise interest rates for the fourth time this year.

This move would take the nation's cash rate to a 15-year high, with further hikes potentially in September and November.

For existing borrowers, another 0.25 percentage point increase could add hundreds of dollars to monthly repayments, which have already soared by thousands this year.

A Canstar analysis found that a standard rate rise on Tuesday would add $107 to the monthly repayments on a $700,000 loan and $152 on a $1 million loan.

Borrowers trying to enter the property market may see their maximum home-buying budget reduced by thousands due to higher interest rates.