The Reserve Bank of Australia has increased the cash rate by 0.25 of a percentage point.
This leaves the benchmark rate at 3.6 per cent.
This is the bank's 10th interest rates rise, taking the cash rate target to its highest level since September 2012.
If you have a mortgage on a variable rate, your repayments will probably increase too.
This repayments calculator shows how much extra you may have to pay each month.
Plug in your current loan size, term and interest rate to see the difference
Note: The additional amount on your repayments will be higher if you're on a longer-term loan as compared to a short-term one due to the accumulation of interest over time.
However, the overall amount you pay on a longer-term loan will still be less than a short-term one.
Individual lenders also decide how much of the RBA rate rise to pass on, and this estimate does not factor in any bank fees or charges, so check with your lender to get an exact amount.
