Interest rates go up again

Coffs Coast homeowners will pay more for their mortgages.
Coffs Coast homeowners will pay more for their mortgages.

COFFS Coast homeowners can expect to pay just under $50 more a month on an average-sized mortgage after the Reserve Bank of Australia (RBA) raised its cash rate for the first time this year.

The central bank raised the rate by 25 basis points to 4.0 per cent following its monthly board meeting on Tuesday, as predicted by a majority of economists.

RBA governor Glenn Stevens said despite recent interest rate rises, lending rates were still below average.

“The board judges that with growth likely to be close to trend and inflation close to target over the coming year, it is appropriate for interest rates to be closer to average,” Mr Stevens said in a statement on Tuesday.

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