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Image: Shutterstock - Rose Makin

The much predicted increase in interest rates were announced today by the Reserve Bank Governor Philip Lowe  – but the surprise was the extent of the increase – a full 0.25 basis points.

This is only the second time that interest rates have been adjusted during an election campaign in Australian electoral history.

Those who are heavily mortgaged are going to be looking ahead with trepidation at the prospect of a hike in their mortgage payments

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