The RBA raises interest rates for the ninth straight month, pushing rates to a 10-year high

The Reserve Bank of Australia has raised interest rates to their highest level in over a decade, meaning the average Australian with a mortgage has to fork out hundreds of dollars more in monthly payments.

The RBA Board announced on Tuesday that the RBA is issuing a 25 basis point hike, raising interest rates to 3.35 percent.

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RateCity analysis found that the rate hike since rate hikes began last May would add a total of $908 per month to the average borrower on a $500,000 loan.

For a $750,000 loan, that’s an additional $114 a month, or $1,362 since the RBA began raising rates in May.

The hike brings interest rates to their highest level since September 2012 and is the ninth hike in as many meetings as the RBA tries to stem inflation, which hit a 30-year high of 7.8 percent in the December quarter.

The Commonwealth Bank is forecasting a pause after this rise, while ANZ, NAB and Westpac all have more rises on the horizon.

NAB forecast cash rates to peak at 3.6 percent in March, while Westpac and ANZ expect 3.85 percent in May.

There’s more to come…