The Reserve Bank of Australia (RBA) lifted its increased rates this month for the eighth rise in a row, reaching the highest official interest rate in a decade.

The cash rate target is now at 3.1% due to the RBA increasing its interest rates by 0.25 of a percentage point.

Residents around the nation including the Limestone Coast are being affected as Willow Financial Services mortgage broker Anne Quick reports locals are seeking advice to refinance.

“People are getting a bit worried about how high it might go and whether or not to fix,” she said.

“It does mean they may have to tighten up as their repayments in some instances could even double.

“If people are experiencing difficulties they should seek assistance and speak to a broker whether or not they are able to refinance and get things more manageable.

“This could include consolidating other loans, perhaps into their home loans as properties have gone up quite substantially and they may have equity which could help them in this instance to relieve the pressures.”