In case banks decide to pass on in full, the interest rate rise will increase the repayments by $65 a month on a $500,000 mortgage, and double that on a million-dollar loan.
Home owners in Queensland are urged to seek legal advice before making payments that fall outside the terms of a fixed price building contract under the guise of ‘contract variations’.
While the interest rate in Australia remained at a historic low of 0.1% the accompanying statement showed the policymakers remain committed to maintaining highly supportive monetary conditions.