Tuesday's cash rate rise is expected to add further pressure to Canberra households, that are already paying hundreds of dollars more each month.
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A Canberra apartment owner who purchased just before the Reserve Bank's string of rate rises is likely to already be paying nearly $500 more on their mortgage each month.
Data analysed by comparison website Canstar shows the first four rate rises between May and August could have added $495 per month onto the mortgage of a unit owner.
This calculation is based on someone who took out an 80 per cent loan on a property worth $619,753 - Canberra's median unit value in April.
For Canberrans who own a house, the four rate rises could have added $856 per month on top of their loan.
This is based on a 80 per cent loan for a house priced at $1,070,220 in April - Canberra's median house value at the time.
A lot has changed since The Canberra Times interviewed Emily Evans in October, when the first home buyer was settling into her newly purchased apartment in Canberra's inner-south.
Since then, the RBA has raised the cash rate five times in as many months.
Ms Evans, who is on a variable rate, said while she expected her interest rate to rise, she didn't think it would happen so rapidly.
"I'm very surprised that they're just happening in such quick succession, I did not expect that," she said.
"I thought maybe two or three over the course of a 12-month period but I didn't think five in the span of [five] months."
Ms Evans said she is relieved she opted to purchase a one-bedroom apartment, rather than something bigger and more expensive.
"I'm thankful that I decided to compromise on what I wanted," she said.
"By not getting something at the very top end of my budget it just means now with [rates] going up, as frustrating as it can be, that I'm able to manage without having to change too much."
The biggest changes for Ms Evans have been to cut back spending on holidays and eating out, in order to make extra repayments to her loan.
"But I mean, if [rates] go up another three or four times before the year's out, that could be a different answer," she said.
Leisa Quinn also purchased her first home last year and said the likelihood of rate rises swayed her towards an entirely fixed rate.
"I knew at some point, they would go up," she said.
"Lots of people were telling me to go variable but I just thought for security, I might just do a fixed to settle in for those first two years.
"So I still have another year and a bit to go on this fixed interest rate, but then after that I'm not really sure. I'm hoping that it goes back down by then."
While she can't make extra repayments with her current rate, Ms Quinn is already planning ahead for when she moves to a variable rate.
"At the moment I'm just focusing on getting a nice amount of savings so I can use an offset and pay extra, once I can do that," she said.
Despite the rate rises, Ms Quinn said she feels "extremely lucky" to be out of the Canberra rental market.
Uneven impacts of rate rises
A survey of more than 2600 Australians by Canstar found 44 per cent of mortgage holders expected higher interest rates to have no impact on their financial position.
Meanwhile 24 per cent of borrowers said they were stressed about rate rises.
Canstar finance expert Steve Mickenbecker said the burden of interest rate increases is falling unevenly on Australian home owners.
"Almost half of the stressed borrowers are expecting to have to cut back on necessities in order to cover loan repayments, a situation that is going to be difficult to sustain if expenses outside of the home loan also continue to increase," he said.
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But there might be more positive news ahead for mortgage holders.
Ray White Group chief economist Nerida Conisbee said rate rises are expected to peak early in 2023, based on trading on the ASX Cash Rate Futures index.
"This outlook for peak cash rate, however, could change dramatically if inflation comes down quicker than expected," she said.
Ms Conisbee said more will be known when new inflation data lands in October.
"This gives us one more interest rate decision before we know for sure what is happening to the inflation rate," she said.
"Next month may be the time for the RBA to take a break and wait for a current read on what is happening to price rises."
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