High probability that mortgage holders will pay an additional $104 per month
So far, the Reserve Bank of Australia (RBA) is expected to raise the cash rate by 0.15% on May 3, possibly another 0.25% increase in June.
The rise in the cash rate is also likely to indicate that loan holders will see their monthly mortgage repayments rise.
According to date from RateCity, if the RBA raises rates by 0.15 percent in May and 0.25 percent in June, the repayment on a $500,000 mortgage will increase by $39 next month, and by June, they will be paying $104 more per month than they are now.
Meanwhile, all four central banks $ANZ Group Holdings Ltd(ANZ.AU$ $CommBank(CBA.AU$ $Westpac Banking Corp(WBC.AU$ $National Australia Bank Ltd(NAB.AU$ believe that the rate hike will be brought forward but are uncertain how much it will eventually reach.
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