Paying off a mortgage? Here’s how the RBA interest rate rise will affect your repayments

Rise to 0.35% increases median monthly home loan repayment by up to $118, but rates predicted to reach 2% in a year's time

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The Reserve Bank of Australia has acted to lift interest rates from emergency lows at its 3 May meeting to curb soaring inflation hitting households.

It's the first time in more than a decade that the cash rate target has been increased, reinforcing expectations property prices will fall, particularly in Sydney and Melbourne.