Home loans overtake other bills combined as rates rise
The annual increase in home loan repayments is equivalent to the average yearly costs for home and contents insurance, car and health insurance, utilities, home internet and mobile phone plan.
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Home loan repayments for an average $500,000 loan are going to cost close to $12,000 more per year come Tuesday, which topples the combined cost of other household bills, according to financial comparison site Canstar.
Research from Canstar shows another 0.25 per cent cash rate rise on 7 February will increase mortgage repayments since April 2022 on a $500,000 loan over 30 years by a total of $969 per month or $11,628 per year.
The annual incre…
