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Newcastle Herald

National

Jade Lazarevic

Newcastle homeowners feel the pinch after latest rate rise

Newcastle Philip Lowe Board Interest Rates Inflation RBA

MORTGAGE holders in Newcastle and Lake Macquarie are set to face greater financial pain after the Reserve Bank of Australia raised rates for the fifth consecutive month.

A hike in interest rates will force homeowner Jade Sparkes to be mindful of her spending after purchasing an apartment in Merewether in July.

The official interest rate jumped 0.5 per cent bringing it to 2.35 per cent and at a seven-year high on Tuesday.

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