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RBA lifts cash rate: What it means for homeowners

Yahoo Finance AU Video

The Reserve Bank of Australia (RBA) has lifted the cash rate for the first time in 12 years. Source: Yahoo Finance Australia

Video transcript

- The Reserve Bank of Australia RBA has lifted the cash rate to 0.35%. This is the first time the RBA has lifted interest rates in 12 years. So what does it mean for Aussie home owners? This will be the first time around 1.1 million Australians will have had to deal with a rate rise.

Those who lock themselves into a low fixed rate will not need to worry about a hike until their fixed interest period ends. However, those on a variable rate will need to prepare for higher mortgage repayments.