Good afternoon. More tough news for mortgage holders today as the Reserve Bank lifted the cash rate by a further 25 basis points to bring it to 4.1% – its highest level in 11 years.
That will see “Aussies with an average loan size of $577k … spending over $15k more each year on their mortgage compared [with] what they were in April last year,” according to Graham Cooke, head of consumer research at Finder. The RBA governor, Philip Lowe, justified his decision by saying inflation, although past its peak, was still too high at 7%, and warned of further increases to come.
