Mortgage pain: How much more you’ll pay

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By Tamsyn Parker

Fixing a $300,000 mortgage for two years will cost you more this year than it did last year.

Figures supplied by rate-tracking firm Canstar show the average interest rate for a two-year fixed term has increased from 4.74 to 4.87 per cent.

It’s only a 13 basis points jump, but on a $300,000 mortage over a 30-year term paid monthly it will now cost $288 more a year to service.

And the difference is even greater for longer fixed terms, which have risen at a faster rate than shorter terms.

Fixing a $300,000 mortgage for three years is now $420 a year more and fixing for five years will cost $816 a year more to service compared to fixing for five years in February last year.

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