Another rate rise expected to pile on mortgage pain today

The Reserve Bank is expected to make history today by handing down a fourth consecutive interest rate rise.

The cash rate is predicted to rise by another half a percentage point to 1.85 per cent.

This increase will mean a mortgage holder with a $750,000 loan will face a monthly increase of $211.

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Since May, that hypothetical homeowner has had an extra $708 tacked on to their repayments.

Another increase would see interest rates rise to the highest level in six years.

And there are fears the RBA could lift rates even higher than predicted.

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Experts say the more rate hikes we see and the bigger they are, the more downward pressure it will place on the property market, after national housing prices fell for their third month in a row in July.

RBA governor Philip Lowe, is facing fresh criticism for remarks he made last year when he said it was likely the cash rate would remain at 0.1 per cent until at least 2024, and the rising cost of living is causing a political fight.

Prime Minister Anthony Albanese says members of the Coalition are kidding themselves if they argue that rates would not have risen under them.

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