What The October Rate Rise Means For You

Yahoo.com
As expected the Reserve Bank of Australia lifted interest rates by a quarter of a percent on 6 October to raise the official cash rate to 3.25 percent. Although in the short-term the news won't be so good for mortgage holders and people with other loans, it's a great sign the worst of the economic downturn is over. We can look to the future with much more financial confidence than this time last year when financial markets were still scarily imploding.

So what does the first rate rise in 19 months mean for you and me? Obviously if you have a home loan, you'll see a rise in the variable component of the loan. Budget to pay roughly $50 more in repayments on the average mortgage each month.
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