How much extra could mortgage repayments be, now the cash rate is 3.85 per cent?

This leaves the benchmark rate atIf you have a mortgage on a variable rate, your repayments will probably increase too.Plug in your current loan size, term and interest rate to see the differenceThe additional amount on your repayments will be higher if you're on a longer-term loan as compared to a shorter-term one, due to the accumulation of interest over time.

However, the overall amount you pay on a longer-term loan will still be less than a shorter-term one. Individual lenders also decide how much of the RBA rate rise to pass on, and this estimate does not factor in any bank fees or charges, so check with your lender to get an exact amount.

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