How much the interest rate hike will cost you

But first to our top story on Sunrise - interest rates have risen for the seventh month in a row. The Reserve Bank has lifted the official cash rate by a quarter per cent, to 2-point-85. It means an extra 74 dollars a month for the average homeowner with a 500-thousand dollar mortgage. But when that's combined with previous rate rises, it's an increase of $760 a month since May. And if rates keep rising as predicted, that number will jump to over a thousand dollars next year.