Homebuyers are being warned to brace for higher mortgage repayments as early as June as the Reserve Bank is poised to lift interest rates above two per cent within a year. The official cash rate has remained at a record low of 0.1 per cent since November 2020 after the RBA adjusted to cushion the blow of the pandemic. The nation's biggest lender, Commonwealth Bank, says it's expecting official interest rates to start rising in June with a 15-basis point increase. A borrower with a $500,000 standard variable rate mortgage would see monthly repayments increase by $275 with a one per cent rate rise and about $560 a month with a two per cent jump.
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