<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The latest rate hike has put millions of Australian borrowers back to square one.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The Reserve Bank of Australia (RBA) has handed down a third consecutive interest rate hike, increasing the cash rate target to 4.35 per cent.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Nine Money editor Effie Zahos acknowledged the latest decision was a blow for households.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>LIVE UPDATES:</span></strong><span> </span><a href="https://www.9news.com.au/finance/rba-interest-rates-live-updates-may-2026-decision-latest-news-headlines/712337f5-b510-4280-9a17-a45d7826e847" rel="" target="" title="RBA to hand down interest rate"><strong><span>RBA to hand down interest rate</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"The RBA is hoping three rate hikes will make inflation right, but for households right now this is disastrous," she said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"You're looking basically, depending on the mortgage size, around $100 more for the month."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>An owner-occupier with a $600,000 mortgage and 25 years remaining at the start of this year's hikes will need to add $91 to their minimum monthly repayments with the 0.25 per cent rise, according to estimates from financial comparison website Canstar.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/how-much-will-the-rba-interest-rate-hike-cost-you/6568da42-5c43-4c97-a70d-79d03330cfc5" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The total increase across three consecutive hikes would be $272 a month.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Australians with a $500,000 mortgage over 25 years can expect to pay about $76 extra a month, while those owing $700,000 will need to pay an additional $107 a month.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Mortgage holders with $800,000 left on their mortgage can expect to pay $122 extra each month.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Those with $900,000 will likely need to pay an additional $137 a month.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Those owing $1 million could pay an extra $152 following today's rate hike.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>LIVE UPDATES: </span></strong><a href="https://www.9news.com.au/world/us-israel-iran-war-live-updates-may-5-donald-trump-latest-world-news-headlines/65a1ee30-d4c9-4059-ad31-aee74fa879b7"><strong><span>Iranian drone strike causes fire at major oil refinery</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Canstar data insights director Sally Tindall said Australians who kept their mortgage repayments the same following the cash rate cuts in 2025, the repayment buffer they had built up would be essentially erased.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"While more than a year of higher repayments won't have been in vain, the strategy will have delivered only a limited cushion against rising rates," Tindall said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Haggling should be borrowers' first port of call, because picking up the phone can potentially produce near-immediate relief.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"However, banks aren't handing out discounts as freely as they were a couple of years ago.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"If your bank won't budge when you haggle, don't take it personally, instead, take your business elsewhere."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><em><strong><span>NEVER MISS A STORY:</span></strong></em><span> </span><strong><em><span>Get your breaking news and exclusive stories first by following us 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