Homeowners are in for more pain after the Reserve Bank confirmed a the tenth consecutive interest rate rise.

The RBA has lift rates by another 25 basis points to take the official cash rate to 3.6 per cent.

It’s the highest the cash rate has been since 2012.

Finance reporter Evan Lucas told Sofie Formica mortgage repayments on a $500,000 loan will increase by $77 per month after this rise.

Press PLAY below to hear his report in full 

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