What Gympie, Fraser Coast, Bundaberg residents will pay with 1% rate rise

Gympie, Fraser Coast and Bundaberg residents are facing some hip pocket pain once interest rates start to rise. Suburb by suburb, here’s exactly how much more you can expect to pay:

Residents across the Wide Bay can expect to pay an average of $164 per month more on their mortgages under a 1 per cent rate rise.

News that interest rates are expected to stay at 0.1 per cent for the immediate future will be welcomed by Wide Bay residents, with new figures revealing exactly how much more they will be slugged when a hike does come.

A 1 per cent rise would add an average of $164 per month on Wide Bay mortgage repayments according to new data crunched by online property experts REA Group.

Some Australian banks are already lifting their rates but Reserve Bank Governor Philip Lowe said Tuesday any rise was not forecast until 2024.

Interest rates have been at a record low of 0.1 per cent since November 2020.

Home owners at Dundowran Beach on the Fraser Coast will be hit the hardest when rates do eventually rise with repayments calculated to jump $309 a month under a 1 per cent hike, REA Groups’ figures show.

Burrum Heads residents could expect to be slugged an extra $223 per month, and Bargara residents another $202 per month.

In the Gympie region, Southside residents were expected to be the hardest hit with payments to jump $198 per month under a 1 per cent rise.

Torquay and Urangan rounded out the five largest rises with monthly repayments to jump $197.

Under a 0.25 per cent rate hike, Wide Bay residents will be paying an average $39 more per month.

REA PropTrack economist Paul Ryan said a one percentage point rise on a $500,000 mortgage would increase repayments by almost $300 a month.

Dundowran Beach borrowers face paying an extra $309 per month under a 1 per cent rate rise. Photo: ALISTAIR BRIGHTMAN 07h2196j

“With strong recent increases in housing prices, and an extended period of exceptionally low borrowing costs, many Australians have taken on bigger mortgages than ever before,” he said.

“With markets expecting increased interest rates as early as next year, borrowers may find repayments increasing earlier than expected.”

Among the Wide Bay’s major cities, Bundaberg residents will be best off thanks to the city’s low monthly repayments; residents in the city’s west and south pay an average of $806 per month, and residents in its north are paying an average of $819.

Bundaberg residents will be best off thanks to their mortgage repayments being among the lowest in Wide Bay.

Maryborough residents are paying an average of $838 per month, and face bills of about $952 per month under a 1 per cent rate rise.

Gympie residents can expect to pay an average of $1311 per month under that same rise.

In Hervey Bay the average mortgage repayment would be $1545 per month.

Originally published as What Gympie, Fraser Coast, Bundaberg residents will pay with 1% rate rise