Once again after much media and analyst speculation, the Reserve Bank of Australia (RBA) today just announced that the official interest rate will increase by 0.25% making the base cash rate 7.00%pa. This is now the eleventh consecutive increase.

The primary reason behind this increase is the RBA’s commitment to keep inflation under control.

This means that the average standard variable rate will change shortly to 9.02%pa. For each $100,000 of your mortgage this will increase repayments by approximately $4.80 per week.

Indicatively the best fixed rates as of today will be about 8.20% fixed for two (2) or three (3) years.

For an article in The Age about the increase please click_here