More pain for borrowers as interest rate hits 15-year high

By SBS News

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The Reserve Bank of Australia has made the unanimous decision to lift the cash rate to 4.6 per cent — the highest it's been in 15 years — adding more pain for Australians paying off a mortgage. Macquarie Bank was the first to confirm it'll pass on the 25-basis point increase to its customers from 15 October, but the others are expected to follow suit. It means borrowers with a typical 25-year, $700,000 mortgage would need to pay an extra $107 per month on their repayments. If you combine today's increase with the previous three this year, that's $424 per month more since February. SBS News is Australia's trusted news source for the latest news from Australia and across the world. Subscribe to the SBS News YouTube channel: https://www.youtube.com/@SBSNews Follow SBS News on Instagram: https://www.instagram.com/sbsnews_au Follow SBS News on TikTok: https://www.tiktok.com/@sbsnews_au Follow SBS News on X: https://www.twitter.com/SBSNews Follow SBS News on Facebook: https://www.faceb

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