Bonds & Rates
Home›Bonds & Rates›Central Banks›RBA expected to raise cash rate again to 4.6%
RBA expected to raise cash rate again to 4.6%
A forecast 0.25 percentage point increase would add about $119 per month on a $731,000 new mortgage, and nearly $480 in total since January if passed through fully.
The Guardian Economics reports the Reserve Bank of Australia is expected to lift interest rates again on Tuesday, which would be the fourth hike this year. The RBA is expected to raise the cash rate to 4.6% from 4.35%, after rate increases in February, March and May.
The outlet adds that the higher rate would raise borrowing costs for mortgage holders, including an illustration using an average-sized new mortgage of $731,000.
According to the story, at a typical rate of 6.2%, a 0.25 percentage point increase would add about $119 to monthly repayments of $4,477.
The report also estimates repayments would have risen nearly $480 in total since January if banks had passed through each of the four rate rises in full.