Millions of Aussies to be slogged with $434 hike between now and Christmas

Market comparison websiteAustralian Bureau of StatisticsSomeone with a $615,000 mortgage, with 25 years remaining on a principal and interest loan of 3.93 per cent can expect to pay $3222 in repayments per month, according to rate change calculatorIf that rate rises by 0.25 per cent, as James predicts will happen in August, that goes up to $3308, a monthly increase of $86.

Provided there’s no increase in October, a third and final increase of 25 basis points in November would increase monthly repayments to $3482, a final increase of $88. “That’s like paying for an extra week’s worth of groceries and petrol, every single month,” Ratecity research director Sally Tindall said.

“Borrowers need to ready themselves for rates to rise by a total of 2.5 percentage points by early next year, potentially even higher.

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