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Mortgage holders to feel cumulative impact of ten rate increases

Home loan holders with a $500,000 loan will be paying an additional $77 monthly if the Reserve Bank raises rates of interest by 0.25 percent on Tuesday, according to Sky News Business Reporter Edward Boyd.

“It’s the cumulative effect of those 10 rate boosts, costing approximately $1,000 in extra payments on a $500,000 loan given that rates started increasing in May in 2015,” he stated.