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The RBA has increased interest rates for the sixth time since September last year. A 0.25 per cent increase was announced on Tuesday by the Reserve Board, taking the official cash rate to 4.5 per cent. In total the RBA has raised rates by 1.5 per cent in the last seven months as it attempts to slow the pace of Australia’s strong economic recovery. Several economic factors helped influence the RBA's decision including a rising inflation rate and the surge in property prices over the last year.
This month's rate increase will add almost $50 to the monthly repayments on a $300,000 mortgage. InfoChoice data also shows that since September 2009, the monthly repayments on the average variable rate home loan has increase by $292 on a $300,000 loan over a 25 year term.
InfoChoice expects more rate rises to come over the next 12 months as the economy continues to grow. We predict that the cash rate will be between 5-6 per cent next year. Home owners will need to prepare for further interest rates hikes and higher mortgage repayments in the near future.
Chart of Rate Movements Since January 2008
