While we were all watching the race that stopped a nation yesterday, Australian homeowners unfortunately received some bad news regarding interest rates from the Reserve Bank.
In a surprise move interest rates went up 25 basis points taking the official cash interest rate to 4.75 percent. For the average homeowner this will mean an extra $50 a month on mortgage fees.
It is very disappointing to hear that the Reserve Bank decided to raise rates, however hopefully this rate rise will be the last one that homeowners will see for a little while yet.
If you are concerned about interest rates going up though, there are things that homeowners can do to try and keep their monthly costs down.
A good first option is to go and have a chat with your home loan lender to see where you can make savings on your current or if you having serious problems with mortgage stress it might also be worth visiting a financial expert to see where you can cut back on spending and get ahead.