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Newcastle Herald
Newcastle Herald
National
Jade Lazarevic

Newcastle and Lake Macquarie on 'mortgage cliff' as owners brace for latest rate hike

RBA Lake Macquarie Newcastle Interest Rates Reserve Bank of Australia

HOME owners have been hit with a tenth consecutive rate hike from the Reserve Bank of Australia, taking the cash rate to the highest level in more than a decade.

The RBA announced an increase of 25 basis points on Tuesday, lifting the cash rate to 3.60 per cent as it attempts to tame inflation.

Canstar modelling shows the average Newcastle and Lake Macquarie home owners' mortgage repayments will increase by $107 a month, taking monthly repayments up to $4,132 under the changes. This is assuming an 80 per cent variable loan on the region's median house price of $818,893.

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