Interest rates raised again

The Reserve Bank of Australia has raised interest rates once again, leaving mortgage holders concerned about rising repayments.

The Reserve Bank of Australia building is seen in Sydney on May 3, 2022. - Australia's central bank raised interest rates for the first time in more than a decade on May 3, a pre-election hike designed to curb soaring consumer prices. (Photo by Saeed KHAN / AFP) (Photo by SAEED KHAN/AFP via Getty Images) Source: AFP / SAEED KHAN/AFP via Getty Images

Now sitting at 3.35 per cent, the cash rate is the highest it's been since 2012, raising fears that mortgage repayments may become unaffordable for many Australians.

Mortage holder, Queny Wong is attempting to sell now after her fixed rate loan switched over to a much higher variable rate that she can't afford.

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