Australians who purchased their first home as prices soared in recent years are facing another interest rate rise at the same time as the value of their property is likely falling, after the Reserve Bank of Australia lifted the cash rate to 1.85% on Tuesday.
Graham Cooke, the head of consumer research at Finder, said the successive cash rate hikes will cost the average homeowner an additional $610 a month compared to what they were paying in April.
