Markets expect cash rate to increase to 2.85% | 7NEWS

Interest rates are set to rise for the 6th month in a row when the Reserve Bank board meets later today, with the market expecting the cash rate will increase to 2.85% . If banks pass the full rise onto customers, that’s almost a $150 monthly increase on a standard $500,000 loan. And when combined with previous rate hikes, it equals an extra $760 per month.