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Updated ,first published
The Reserve Bank has increased the official interest rate by 0.25 percentage points at its February meeting.
The RBA increased the cash rate to 3.85 per cent.
Our interest rate calculator below allows you to gauge how much extra money a rate rise of 0.25 percentage points may cost you each month.
Enter your loan amount, the length of your loan, and your existing interest rate, then select the interest rate change you expect to get your new monthly repayment.
Calculations are based on monthly fixed interest rate increases on the principal loan amount, excluding requisite monthly repayments, adjustments to repayment amounts, or additional repayment instalments.
Commercial banks make their own decisions about how the RBA’s decision is applied to their mortgage rates.
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