Your interest rate update: November 2023
On 07 November the official cash rate was increased to:
The lowest owner-occupier loan in Finder’s database is:
Assuming the average owner occupier home loan size of $598,867 you would be making monthly repayments of:
Rate rise a blow for homeowners
After 12 rate rises across 13 RBA rate decisions, Australian borrowers were used to seeing their mortgage repayments rise. But after a 4 month reprieve and only 7 weeks before Christmas, this month’s rate rise seemed to hurt more than most.
The RBA has retaliated against inflation, which is not slowing as fast as they would like. But 30% of households are already in mortgage stress and another 25 basis points on top of their mortgage is going to put borrowers in a worse situation.
Despite the lowest variable owner occupier rate on Finder being 5.64%*, RBA figures show the average variable home loan rate is at an average of 6.18%.
On the average outstanding home loan amount in Australia, if you switched from that higher rate to Finder’s lowest rate, you could save $207 each month.
*rates correct as of 13 November 2023.