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Mortgage repayments to rise by $355/month

09/10/2009

Two more rate rises from the Reserve Bank are expected by financial markets before Christmas after stronger than expected jobs data was released yesterday by the Australian Bureau of Statistics.

The ABS reported a fall in unemployment from 5.8 per cent to 5.7 per cent.

The ASX’s target rate tracker lists a rate rise on Melbourne Cup Day as a 100 per cent certainty.

Rate rises are also expected in December, February, March and three more by October next year, adding a total of about 2.0 per cent to interest rates within a year.

On an average mortgage of about $275,000 that would add about $355 per month to repayments.

Source: The Age

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