The Reserve Bank of Australia (RBA) has hiked interest rates by 0.25 of a percentage point.
That means the cash rate is now 4.1 per cent.
Leading economists predicted the hike, given inflation was already increasing ahead of the Middle East war, which has put more upward pressure on prices due to oil market disruptions.
You can follow the reaction to the RBA’s decision via the ABC’s live blog.
If you’re on a variable-rate home loan, this means your mortgage repayments will increase, if and when your bank passes along the rate hike.
Use the repayments calculator with your home loan details to find out how much extra you could be paying each month.
How to use the calculator
All you have to do us plug in your current loan size, term and interest rate to see the difference.
Individual lenders decide how much of the RBA rate hike to pass on and this estimate does not factor in any bank fees or charges, so check with your lender to get an exact amount.
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