In a widely-anticipated move, the Reserve Bank of Australia (RBA) increased the cash rate at today’s board meeting, from 1.35% to 1.85%.
This is the fourth month in a row that the RBA has increased the cash rate. Future rate rises are all but certain, possibly as early as September.
there’s no need for panic, if you have a variable mortgage and are expecting the repayments to increase there are actions you can take to minimise the effect of the increase.
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