It’s common for mortgage owners to feel overwhelmed by the responsibility of servicing a mortgage, but “mortgage anxiety” is not always a useful or accurate indicator of individual circumstances.
On the first Tuesday in August, the Reserve Bank of Australia (RBA) increased the official cash rate by 0.5%. Many experts predict another rate rise for September.
What this means for anyone with a variable rate mortgage is their home loan became 0.5% more expensive in August.
For instance, if you have a $500,000 loan balance and an interest rate of 3.5%, your repayment has increased from $2,245 to $2,387 per month after this rate hike.
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