{"id":5181,"date":"2022-11-01T14:00:31","date_gmt":"2022-11-01T04:00:31","guid":{"rendered":"http:\/\/financialplus.com.au\/\/?p=5181"},"modified":"2022-11-01T14:00:31","modified_gmt":"2022-11-01T04:00:31","slug":"hold-your-horses-rba-hikes-cash-rate-again-to-2-85","status":"publish","type":"post","link":"https:\/\/financialplus.com.au\/hold-your-horses-rba-hikes-cash-rate-again-to-2-85\/","title":{"rendered":"Hold your horses: RBA hikes cash rate again to 2.85%"},"content":{"rendered":"

\"\"Whoa, Nelly! The Reserve Bank of Australia (RBA) has lifted the official cash rate again, this time by another 25 basis points to 2.85%. How much will this rate rise increase your monthly mortgage repayments, and when are the hikes expected to stop?<\/strong><\/p>\n

Dubbed the \u201crate that stops the nation\u201d, today\u2019s Melbourne Cup RBA board meeting did not see board members rein in the rate rises.<\/p>\n

Back in May the official cash rate was just 0.10%. Today it was increased for the seventh straight month to 2.85%.<\/p>\n

RBA Governor Philip Lowe\u00a0said in a statement<\/a>\u00a0that the RBA board expected to increase interest rates further over the period ahead.<\/p>\n

\u201cThe size and timing of future interest rate increases will continue to be determined by the incoming data and the Board\u2019s assessment of the outlook for inflation and the labour market,\u201d said Governor Lowe.<\/p>\n

\u201cThe board remains resolute in its determination to return inflation to target and will do what is necessary to achieve that.\u201d<\/p>\n

How much extra will your mortgage be each month?<\/h3>\n

Unless you\u2019re on a fixed-rate mortgage, the banks will likely follow the RBA\u2019s lead and increase the interest rate on your variable home loan soon.<\/p>\n

Let\u2019s say you\u2019re an owner-occupier with a 25-year loan of $500,000 paying principal and interest.<\/p>\n

This month\u2019s 25 basis point increase means your monthly repayments could increase by almost $75 a month. That\u2019s an extra $760 on your mortgage compared to May 1.<\/p>\n

If you have a $750,000 loan, repayments will likely increase by about $110 a month, up $1140 from May 1.<\/p>\n

Meanwhile, a $1 million loan will increase almost $150 a month, up almost $1,530 from May 1.<\/p>\n

So how many rate hikes have we got left?<\/h3>\n

The good news is that most economists believe we\u2019re through the bulk of the rate rises, and they could stop as early as next month.<\/p>\n

Here\u2019s what economists from the big four banks are predicting:<\/p>\n

CommBank \u2013 one rate rise to go, peaking at 3.10% in December 2022.
\nNAB \u2013 three rate rises to go, peaking at 3.60% in March 2023.
\nWestpac \u2013 three rate rises to go, peaking at 3.85% in March 2023.
\nANZ \u2013 three rate rises to go, peaking at 3.85% in May 2023.<\/p>\n

Worried about your mortgage? Get in touch<\/h3>\n

If you\u2019re starting to feel the pinch and are worried about what interest rate rises might mean for your monthly budget, feel free to contact us today.<\/p>\n

Some options we can help you explore include refinancing (which could include increasing the length of your loan to decrease monthly repayments), debt consolidation, or building up a bit of a buffer in an offset account ahead of more rate hikes.<\/p>\n

So if you\u2019re concerned about how you might meet your repayments in the months ahead, give us a call today. We\u2019d love to sit down with you and help you work out a plan moving forward.<\/p>\n

Disclaimer:<\/strong>\u00a0The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.<\/p>\n","protected":false},"excerpt":{"rendered":"

Whoa, Nelly! The Reserve Bank of Australia (RBA) has lifted the official cash rate again, this time by another 25 basis points to 2.85%. How much will this rate rise increase your monthly mortgage repayments, and when are the hikes expected to stop? Dubbed the \u201crate that stops the nation\u201d, today\u2019s Melbourne Cup RBA board […]<\/p>\n","protected":false},"author":23,"featured_media":5182,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[110],"tags":[],"class_list":{"0":"post-5181","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-home-loans","8":"entry"},"yoast_head":"\nHold your horses: RBA hikes cash rate again to 2.85% · FinancialPlus Mortgage Broker Gold Coast<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/finance-matters.info\/2022\/11\/01\/hold-your-horses-rba-hikes-cash-rate-again-to-2-85\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hold your horses: RBA hikes cash rate again to 2.85% · FinancialPlus Mortgage Broker Gold Coast\" \/>\n<meta property=\"og:description\" content=\"Whoa, Nelly! 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