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Interest rate rise

HOMEOWNERS with variable interest mortgages copped another rate rise on Tuesday, and with grocery prices also expected to continue to rise, particularly vegetables, family budgets are continuing to feel the pinch.

The Reserve Bank of Australia (RBA) officially increased the cash rate by another fifty basis points, or 0.5 per cent to 0.85 per cent, which means repayments will increase, albeit depending on whether individual lenders decide to pass the interest rate rise onto customers.

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