Australians buying a home face paying seven per cent interest on their record high mortgages after five rate increases – with more to come
- The RBA increased the cash rate for the fifth consecutive month in September
- The four big banks are passing on the full interest rate hike to customers
- The hike pushes standard variable rates for interest only loans above 7 per cent
Australians trying to a home face the prospect of repaying massive mortgages with more than seven per cent interest after five rate rises in as many months.
The Reserve Bank announced the last 50 basis points hike on September 6, pushing the official cash rate to 2.35 per cent.
Three of the big four Australian banks to passed on the increase in full and the fourth, Westpac,…