Australian families have absorbed enough budget pain recently, due to the higher cost of living from utility bill hikes and the October to May rate rises. Today’s move will hurt many mortgage holders. It may even lead to a significant number cutting back on spending that is important to their well-being, in order to cope.

Effects of the Rise in Interest Rates

Assuming lenders pass on only the quarter of a percent rise, this means an extra:

• $49.59 / month on a 30-year $300,000 principal and interest variable loan that was 6.5%;
• $50.62 / month on a 30-year $300,000 principal and interest variable loan that was 7%; and
• $51.60 / month on a 30-year $300,000 principal and interest variable rate loan that was 7.5%.

To compensate for around $50 less in their pockets each month, borrowers could very well:

• Planilha Financeira

• Fin Financial Inc Wss Wss

  College Funding. Use this calculator to estimate the cost of your child’s education, based on the variables you input. Roth IRA Conversion. This calculator can help ...

• Christian Financial Tips

• Finance Free Personal Template

• Yahoo Finance Australia

  View the basic EWA stock chart on Yahoo! Finance. Change the date range, chart type and compare iShares MSCI Australia Index Fu against other companies.