Hunter homeowners hoping the Reserve Bank would leave the cash rate on hold at 3.6 per cent for a second consecutive month have been disappointed today.
The latest CPI data shows that while inflation is still too high, it is on the right trajectory prompting predictions from three of the big four banks that the RBA Board would stick with its April decision to pause the rate-rise cycle.
Only the Commonwealth Bank was expecting another increase and they turned out to be right on the money, with the central bank raising interest rates by a 0.25 per cent to 3.85 per cent this afternoon.
For the average Hunter borrower already dealing with the previous ten hikes, they could soon be paying upwards of $1,000 a month off their mortgage.