RBA with final cash rate announcement for the year

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