Homeowners fork out over $1,300 more per month than pre-RBA rate hikes

A silhouetted man stares out of the window of his home pensively.

According to a new report from Mozo, the average Australian home loan customer now pays over $1,337 more per month than in May 2022, before the Reserve Bank of Australia (RBA) began its rate-hiking cycle to slow inflation. 

Mozo finance expert, Rachel Wastell, says the pressure is on for Australian homeowners to find the extra money each month. 

“Thirteen rate hikes and the most aggressive rate hiking cycle since the early 1990s is putting significant pressure on mortgage holders as they struggle to cover rising repayments,” Wastell said.

“The analysis shows that most Aussie mortgage holders have most likely had to find an extra thousand dollars or more every month. That’s nothing to sneeze at, especially in the lead-up to Christmas.”

The 13th RBA hike in November adds extra $95 to the monthly bill 

In November alone, the average Australian's repayment can be expected to swell by $95 after the 13th RBA rate hike pushed rates up earlier this month. 

But on a state-by-state basis, some are looking at a monthly rise of almost $120 more – hardly change you’d find digging between the sofa cushions.

State by state: How much are home loan repayments rising by?

The average Australian home loan size is $598,867, according to ABS lending indicators, which is where the average repayment increase of $1,337 comes from.

But that figure differs wildly depending on the state. 

Borrowers in the Northern Territory, where the average home loan size is $437,821, have seen repayments increase by $977 on average since May 2022, bringing monthly repayments to $3,058. 

But those in New South Wales, where homes are vastly more expensive, at an average home loan size of $756,821, have seen the average repayment balloon by $1,690 per month – making NSW the state with the most expensive repayments, at $5,286 on average.

RegionAverage home loan size*
Average monthly repayment before the November RBA rate hike (6.62% AVR)
Average monthly repayment after the November RBA rate hike (6.87% AVR)
Increase in monthly repayment after the November rate hike ($)
Total $ increase since RBA started the rate hiking cycle in May 2022
Australia
$598,867
$4,089
$4,183
$95
$1,337
NSW
$756,821
$5,167
$5,286
$119
$1,690
Vic
$594,155
$4,056
$4,150
$94
$1,326
Qld
$537,915
$3,672
$3,757
$85
$1,201
SA
$496,587
$3,390
$3,469
$78
$1,109
WA
$475,405
$3,246
$3,321
$75
$1,061
Tas
$460,183
$3,142
$3,214
$73
$1,027
NT
$437,821
$2,989
$3,058
$69
$977
ACT
$587,307
$4,010
$4,102
$93
$1,311

Source: mozo.com.au based on average owner occupier loan size from September 2023 ABS Lending Indicators, using the average advertised variable home loan rate in the Mozo database for owner occupiers paying principal and interest with a loan-to-value ratio of 80%. The comparison between repayment amounts is using the average variable rate of 3.02% p.a. from the 3rd May 2022 and the average variable rate of 6.62% p.a. on the 6th November 2023 with 0.25% p.a. added to make 6.87% p.a.

Wastell recommends keeping an eye on the market to find lower interest rates as a way to help lower your mortgage repayments, especially if your current rate starts with a 6, 7, or 8. 

While the pickings are slimmer than last month, becoming few and far between, there are still lenders out there offering rates below 5.75% p.a., meaning it could be a good time to refinance your home loan if you can.  

Home loan rates below 5.75% p.a. 

For owner-occupiers paying principal & interest on a $400,000 home loan, with a loan-to-value ratio (LVR) of <80%, options include: 

  • Homeloans360 | Owner Variable Home Loan | 5.59% p.a. (5.59% p.a. comparison rate*)
  • Pacific Mortgage Group | Standard Variable Home Loan | 5.59% p.a. (5.59% p.a. comparison rate*)
  • Resi | Agility Variable Home Loan | 5.69% p.a. (5.74% p.a. comparison rate*)
  • The Capricornian | Country to Coast Variable Rate Offset Home Loan | 5.69% p.a. (5.70% p.a. comparison rate*)
  • The Mutual Bank | Special Budget Home Loan | 5.69% p.a. (5.70% p.a. comparison rate*)
  • Yellow Brick Road | Agility Variable Home Loan | 5.69% p.a. (5.74% p.a. comparison rate*)
  • BankVic | Variable Home Loan | 5.70% p.a. (5.70% p.a. comparison rate*)
  • Unloan | Unloan Variable | 5.74% p.a. (5.65% p.a. comparison rate*). 

While those are among the lowest home loan interest rates in the Mozo database, there are still a few lenders out there offering rates below 6% p.a. 

Compare home loan rates below to see what the market is offering.

Home loan comparisons on Mozo

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 472 home loans using the filters below.
Last updated 14 July 2024 Important disclosures and comparison rate warning*
  • Basic Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.16 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

  • Offset Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.39 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.

  • Special Real Deal Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.19 % p.a.
    Variable
    Comparison rate
    6.23 % p.a.
    Initial monthly repayment
    $3,059
    Go to site

    No application or service fees. Flexibility to choose your repayment schedule (weekly, fortnightly or monthly). Use multiple Everyday Accounts with 100% interest offset to pay your home loan off sooner.

  • Optimum Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.69 % p.a.
    Fixed 3 years
    Comparison rate
    6.34 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    Lock in a competitive interest rate and enjoy peace of mind for the fixed period. Available for owner occupied new and refinanced home loans with at least 20% deposit. Split option available as well as offset and redraw. Noapplication, ongoing or banking fees. Third Party fees may be applicable - payable within loan repayments. Extra repayments up to $20K per annum permitted. Apply online, 100% member owned credit union.

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

  • Express Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <90%
    Interest rate
    6.01 % p.a.
    Variable
    Comparison rate
    6.14 % p.a.
    Initial monthly repayment
    $3,001
    Go to site

    Get online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.

  • Fixed Rate Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.09 % p.a.
    Fixed 3 years
    Comparison rate
    6.15 % p.a.
    Initial monthly repayment
    $3,027

    Additional repayments of up to $10K per fixed year. Interest rate discounts available. Waiver of $499 application fee when combined with an Orange Advantage Home Loan.

  • Basic Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.16 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.

  • Mortgage Simplifier

    • LVR<80%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.17 % p.a.
    Initial monthly repayment
    $3,043

    Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws.

  • Offset Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.39 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.

  • Special Real Deal Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.19 % p.a.
    Variable
    Comparison rate
    6.23 % p.a.
    Initial monthly repayment
    $3,059
    Go to site

    No application or service fees. Flexibility to choose your repayment schedule (weekly, fortnightly or monthly). Use multiple Everyday Accounts with 100% interest offset to pay your home loan off sooner.

  • Basic Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR<70%
    Interest rate
    6.25 % p.a.
    Fixed 3 years
    Comparison rate
    6.20 % p.a.
    Initial monthly repayment
    $3,079
    Go to site

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.

  • Offset Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR <70%
    Interest rate
    6.25 % p.a.
    Fixed 3 years
    Comparison rate
    6.42 % p.a.
    Initial monthly repayment
    $3,079
    Go to site

  • Fixed Rate

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    6.59 % p.a.
    Fixed 3 years
    Comparison rate
    7.06 % p.a.
    Initial monthly repayment
    $3,190

    Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.

image of houses

Need help with refinancing?

You might have questions that need personal answers. We’ve teamed up with the mortgage brokers at Lendi to get you the answers you need, and a home loan deal you deserve.

Learn more

* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

^See information about the Mozo Experts Choice Home Loan Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.