RBA with final cash rate announcement for the year
December 6, 2022 / 4:04 am
The Reserve Bank of Australia (RBA) has handed down its final cash rate announcement for 2022.
Announced at 2.30 pm Tuesday was a 25 basis point rise, or 0.25%
Mortgage holders can expect to see their interest rate to increase, the official cash rate will sit at 3.1% heading into the New Year.
The board of the RBA won’t meet again until the first Tuesday in February.
A mortgage with a $500,000 balance will have had yearly payments increase by around $1,000 after the eighth successive jump from the RBA.
If the banks pass on the rate rise in full, you can expect to pay around an extra $15.95 for every $100,000 owing on a mortgage per month.
So far, no word from the “Big Four” on whether they will hand down a rate rise.
More to come