Mozo launches Xmas Rate Rise Poll

Financial comparison website has launched a new Xmas Rate Rise Poll to discover how the recent interest rate hikes will affect Aussie spending this Christmas.

The short survey follows the Reserve Bank's decision to raise the official cash rate to 4.75 per cent last week.

This has since led to variable home loan rate increases by the Commonwealth Bank and ANZ of 45 and 39 basis points, respectively.

Mozo's poll seeks to determine whether such hikes will dampen the festive cheer. It also asks where people may choose to make spending cutbacks this Christmas.

Aussie borrowers struggling with rising repayment costs can choose to compare home loans and other financial products in search of better deals. According to Canstar Cannex financial analyst Mitchell Watson, consumers should "do the sums" on their home loan options and change banks if the repayment savings exceed the cost of exit and application fees.

Indeed, recent research from Canstar has noted that Aussies who defect from the "big four" banks to cheaper rivals can make huge savings within months.

This article is brought to you by Mozo – Helping you compare home loans