How much extra could mortgage repayments cost now the cash rate is 2.85 per cent?

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The Reserve Bank of Australia has increased the cash rate by 0.25 of a percentage point.

That means the cash rate is now 2.85 per cent.

It is the seventh month in a row the RBA has lifted its cash-rate target. 

If you’re on a variable rate, your repayments will probably increase too. 

This repayments calculator shows how much extra you may have to pay each month.

Plug in your current loan size, term and interest rate to see the difference.

Note: The additional amount on your repayments will be higher if you’re on a longer-term loan as compared to a short-term one due to the accumulation of interest over time. 

However, the overall amount you pay on a longer-term loan will still be less than a short-term one.

Individual lenders also decide how much of the RBA rate rise to pass on, and this estimate does not factor in any bank fees or charges, so check with your lender to get an exact amount.

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