The Reserve Bank of Australia has hiked the country?s cash rate by 50 basis points to 1.35% in a bid to tackle rising inflation. The rate hike is the RBA?s third jump in three months.
The Aussie dollar has slightly weakened following the RBA?s decision, with 1 Aussie dollar buying
68.62 US Cents
0.57 British Pounds
0.66 Euros
And 93.50 Japanese Yen.
Investors are selling out of real estate stocks today amid concerns over increased financial pressure for mortgage holders and the big four banks are trading lower as well as investors expect each to pass on the full rate hike to customers.
And for home-owners with the country?s average mortgage of $600,000 on the average variable interest rate of 3.65%, the new RBA interest rate hike 1.35 basis points means you will pay an extra $164 per month on your home loan repayments.