Fourth consecutive interest rate hike

The Reserve Bank of Australia has hiked interest rates for the fourth consecutive month, lifting the nation's cash rate target by 50 basis points to 1.85 per cent.

Today's increase marks the first time since the introduction of inflation targets in 1990 that the central bank has increased the cash rate four months in a row.

For the average borrower with a $500,000 loan and 25 years remaining, this afternoons' increase will result in a $140 a month increase - or $472 since the RBA began lifting rates in May 2022.

For those with bigger loans, the repayment jumps are equally stark.

A person with a $750,000 loan is now facing a monthly increase of $211 (up $708 a month since May) while those with a $1 million loan are facing a monthly increase of $281 (or an eye-watering $944 a month increase since May).

Source: 9 NEWS Australia