Tributes have poured in to honour the three men who died in a boating accident on the NSW North Coast yesterday.

Tragedy struck after a member of the public called emergency services about 6.15pm to report a yacht having difficulties off the South Ballina break wall.

Police said Marine Rescue NSW crew responded, but their rescue boat capsized while crossing the Ballina bar in "heavy conditions".

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Three men were killed, including the sole sailor onboard the yacht, Matthew Clayton, and Marine Rescue volunteers Bill Ewen and Frank Petsch, who set out in treacherous conditions in response to the yacht in distress.

Four other crew members were on the Ballina 30, with three being hospitalised with broken bones and other non-life-threatening injuries.

Among the survivors was Ballina Shire Citizen of the Year Geoff Hutchinson, who suffered serious injuries in the rescue attempt.

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Marine Area Command Superintendent Joe McNulty said the rescuers had faced "severe conditions" including 2.5-metre swell as they travelled downriver towards the ocean.

At the Ballina bar, a wave of similar height proved too difficult to navigate, and the boat foundered and capsized.

Of the six men on board, McNulty said some were trapped beneath the boat's hull and some were thrown from the vessel entirely.

"These men are heroes. They volunteer their lives to save others," McNulty said.

The rescue boat and other fragments washed up on the shore today as tributes flowed in at the Marine Rescue tower to honour the men.

"They're a big part of the community," a local told 9News.

"This bar and this waterway cops a lot of boats coming through, it's really sad."

McNulty said the accident would be investigated.

Officers at the time of the incident did not know how many people had been aboard the yacht, and launched a coordinated search with the help of paramedics, the SES, the Westpac helicopter, and the AMSA Challenger jet.

McNulty said police divers would likely enter the water on Thursday when the seas were safe enough to do so, in order to gather evidence from the yacht's wreckage.

McNulty said the yacht, which he believed was NSW-registered, had crashed into the break wall and broken apart.

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The Reserve Bank has done what homeowners were dreading by hiking interest rates again to 4.35 per cent.

The latest rate hike has put millions of Australian borrowers back to square one.

The Reserve Bank of Australia (RBA) has handed down a third consecutive interest rate hike, increasing the cash rate target to 4.35 per cent.

Nine Money editor Effie Zahos acknowledged the latest decision was a blow for households.

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"The RBA is hoping three rate hikes will make inflation right, but for households right now this is disastrous," she said.

"You're looking basically, depending on the mortgage size, around $100 more for the month."

An owner-occupier with a $600,000 mortgage and 25 years remaining at the start of this year's hikes will need to add $91 to their minimum monthly repayments with the 0.25 per cent rise, according to estimates from financial comparison website Canstar.

The total increase across three consecutive hikes would be $272 a month.

Australians with a $500,000 mortgage over 25 years can expect to pay about $76 extra a month, while those owing $700,000 will need to pay an additional $107 a month.

Owner-occupiers with $800,000 left on their mortgage can expect to pay an extra $122 each month.

Those with $900,000 will likely need to pay an additional $137 a month.

Those owing $1 million could pay an extra $152 following today's rate hike.

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Canstar data insights director Sally Tindall said Australians who kept their mortgage repayments the same following the cash rate cuts in 2025, the repayment buffer they had built up would be essentially erased.

"While more than a year of higher repayments won't have been in vain, the strategy will have delivered only a limited cushion against rising rates," Tindall said.

Borrowers are also being told to prepare and calculate how much repayments will be if there are two further hikes in June and August.

Tindall recommends borrowers contact their lender and request a rate review.

"Haggling should be borrowers' first port of call, because picking up the phone can potentially produce near-immediate relief," she said.

"However, banks aren't handing out discounts as freely as they were a couple of years ago.

"If your bank won't budge when you haggle, don't take it personally, instead, take your business elsewhere."

Haggling can only take your rate so far. Those who want the sharpest rates are likely to have to refinance.

Borrowers should ask about hardship assistance if repayments are becoming difficult and they have already negotiated with their lender.

Independent financial advice is available from the National Debt Helpline on 1800 007 007.

The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.