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ISCOVER
Staff Reporter
The average household is paying $300 more per month in mortgage repayments than they were this time last year.
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According to new research conducted by RateCity, the average benchmark basic variable rate of the majors has increased by 168 basis points since 1 December 2009 , which is equivalent to $311 per month in mortgage repayments for a $300,000 home loan.
Out of the majors, the research found that CBA had lifted its variable rates the most since December – with its basic variable rate increasing by 182 basis points to the current 7.30 per cent.
RateCity’s chief executive officer Damian Smith said some Australians would be feeling the strain of higher mortgage repayments.
“As the majority of Australians have a home loan with one of the major four banks, many households will be feeling the pinch this Christmas with an extra $300 per month towards mortgage repayments,” he said.
