FINSOC Weekly Wraps Vol. 28
The RBA raises interest rates to an 11-year high, opens the door to a pause
• The RBA has raised interest rates for the 10th consecutive meeting, taking the cash rate target to 3.6%.
• RateCity has stated that the latest increase would be a $77 a month increase to repayments on a $500,000 home loan and double that on a $1 million mortgage.
• Borrowers with $500,000 mortgages will soon be facing monthly mortgage repayments near $1k larger than a year ago.