Illustration:Credit: Aresna Villanueva
The Reserve Bank of Australia has dropped another interest rate increase, taking it to an 11-year high.
On Tuesday, the RBA board lifted the cash rate by another 25 basis points to 4.1 per cent.
Use our mortgage repayment calculator below to see what Tuesday’s increase of 25 points (the left toggle button) means for your repayments.
Enter your loan amount, the length of your loan, your existing interest rate, then click the +0.25 per cent rise for the latest hike to get your extra monthly repayment.
Calculations are based on monthly fixed interest rate increases on principal loan amount excluding requisite monthly repayments, adjustments to repayment amounts, or additional repayment instalments.
Lenders make individual choices on what is passed on from the RBA so check with your lender.