Many homeowners will face a significant increase in their mortgage interest rates after the Reserve Bank raised interest rates by 50 basis points. It was the biggest tariff increase in more than two decades and coincided with sharp increases in gas and electricity prices, leaving many people in trouble.
The latest rate hike is likely to give many homeowners and buyers goosebumps.
Coupled with rising electricity and gas prices, many will face a tough winter.
There are around 3.5 million homeowners across Australia, many of whom will be directly affected by a rate hike from 0.35 per cent to 0.85 per cent.
It was the biggest rate hike since 2000, and one of several rate hikes since.
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