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AAP

Business

Paul Osborne

Further rate rise to hit family budgets

RBA Reserve Bank Timo Henckel Inflation

Australians will have to dig a little deeper in their pockets after the RBA hiked the cash rate. (AAP)

Australians will have to dig a little deeper in their pockets after the Reserve Bank hiked the cash rate to 1.35 per cent.

RateCity estimates the 50 basis point rise - the third hike in three months - will add $137 a month to a $500,000 mortgage, or $499 per month on a $750,000 loan.

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