--- title: Mortgage holders breathe a sigh of relief as RBA puts cash rate on hold description: Mortgage holders breathe a sigh of relief as RBA puts cash rate on hold image: https://moneyplex.au/hubfs/Imported_Blog_Media/Blog-1100x733-May-rate-rise-2022-1.jpg --- [Skip to content](https://moneyplex.au/moneyplex-blog/mortgage-holders-breathe-a-sigh-of-relief-as-rba-puts-cash-rate-on-hold#main-content) [![Logo](https://moneyplex.au/hs-fs/hubfs/logo-4.png?width=220&height=40&name=logo-4.png "Logo")](https://moneyplex.au) Call: 1300 648 147 or Book An Appointment - [Get Your Finance Approval Guide](https://moneyplex.au/get-your-finance-approval-guide-1) - Who We Help - [Self-Employed Individuals With Families](https://moneyplex.au/self-employed-individuals-with-families-clone-new) - [Self Employed Professionals & Tradespeople](https://moneyplex.au/self-employed-professionals-and-tradespeople) - [Small Business Owners](https://moneyplex.au/small-business-owners) - [Property Investors And Developers](https://moneyplex.au/property-investors-and-developers) - 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[First Home Buyers](https://moneyplex.au/first-home-buyers) - [Medical Professionals](https://moneyplex.au/medical-professionals) - What We Do - [Mortgages](https://moneyplex.au/mortgages) - [Business And Asset Finance](https://moneyplex.au/business-and-asset-finance) - [Private Lending](https://moneyplex.au/private-lending) - [Personal Loans](https://moneyplex.au/personal-loans) - [Expert Referral Partners](https://moneyplex.au/expert-referral-partners) - [About](https://moneyplex.au/about) - [Blog](https://moneyplex.au/moneyplex-blog) - [Contact Us](https://moneyplex.au/contact-us-1) - [Contact Us](https://moneyplex.au/contact-us-1) - [Lending Strategy Session](https://moneyplex.au/lending-strategy-session) ![](https://moneyplex.au/hs-fs/hubfs/Imported_Blog_Media/Blog-1100x733-May-rate-rise-2022-1.jpg?width=1100&height=733&name=Blog-1100x733-May-rate-rise-2022-1.jpg) Uncategorized # Mortgage holders breathe a sigh of relief as RBA puts cash rate on hold ![99ContentEditor](https://7528315.fs1.hubspotusercontent-na1.net/hub/7528315/hubfs/raw_assets/public/mV0_d-cms-elevate-theme_hubspot/elevate/images/avatar-placeholder.jpg?width=48&height=48&name=avatar-placeholder.jpg) 99ContentEditor July 4, 2023 **Phew! The Reserve Bank of Australia (RBA) has today decided to put the official cash rate on hold. So is the end of this rate hike cycle finally in sight?** The decision to keep the official cash rate at 4.10% will be welcomed by homeowners around the country after monthly repayments increased by about $1,135 per $500,000 loaned (for a 25-year loan) since 1 May 2022. RBA Governor Philip said as interest rates had been increased by 4% since May last year, the Board decided to hold interest rates steady this month to provide some time to assess the impact of the increases. “The higher interest rates are working to establish a more sustainable balance between supply and demand in the economy,” he said. However, Governor Lowe kept the door open for potential rate rises in the months to come. “Some further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable timeframe, but that will depend upon how the economy and inflation evolve,” he said. “In making its decisions, the Board will continue to pay close attention to developments in the global economy, trends in household spending, and the forecasts for inflation and the labour market. ### How much could your repayments increase if the cash rate is increased? Let’s say you’re an owner-occupier with a 25-year loan of $500,000 paying principal and interest. If the RBA increases the cash rate by another 25 basis points, and your bank follows suit, your monthly repayments could increase by another $76 a month. That’s an extra $1,211 a month on your mortgage compared to 1 May 2022. If you have a $750,000 loan, repayments would likely increase by about $114 a month, up $1,816 from 1 May 2022. Meanwhile, a $1 million loan would increase by about $152 a month, up about $2,422 from 1 May 2022. ### Concerned about your mortgage? Get in touch Are you starting to feel the pinch? You’re not alone. Many households around the country are feeling the pain of all the rate rises over the past 15 months. There are also lots of people on fixed-rate home loans wondering what options will be available to them once their fixed-rate period ends. Some options we can help you explore include refinancing (which could involve increasing the length of your loan and decreasing monthly repayments), debt consolidation, or building up a bit of a buffer in an offset account ahead of more rate hikes. So if you’re worried about how you might meet your repayments going forward, give us a call today. The earlier we sit down with you and help you make a plan, the better we can help you manage any further rate hikes. **Disclaimer:** The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent. ## Share this post [mailto:https%3A%2F%2Fmoneyplex.au%2Fmoneyplex-blog%2Fmortgage-holders-breathe-a-sigh-of-relief-as-rba-puts-cash-rate-on-hold](mailto:https%3A%2F%2Fmoneyplex.au%2Fmoneyplex-blog%2Fmortgage-holders-breathe-a-sigh-of-relief-as-rba-puts-cash-rate-on-hold) ## Keep reading ### [![](https://moneyplex.au/hs-fs/hubfs/Blog%201100x733%20scam%202026.jpg?width=1100&height=733&name=Blog%201100x733%20scam%202026.jpg) Could you spot a property scam? 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