Though the cash rate remains at a record low of 1.5 per cent, lenders have lifted rates on more than 200 home-loan products in recent months.

Interest only loans and investment loans have been the most affected, says 1300 HomeLoan Managing Director, John Kolenda.

“Customers with interest only loans and investment loans have been the main target of the out of cycle rate rises,” he said.

But Kolenda said that mortgage holders should check they are not paying more than they have to.

“While the cash rate is at record lows, complacent consumers can still be paying more than they should be,” he said.

Kolenda said the Reserve Bank of Australia next meets on February 7 and will determine the cash rate then, and is expected to leave rates on hold.

“The central bank has a range of factors to digest, foremost being the global economic impact of the first few weeks of Donald Trump becoming President of the United States,” he said.

See also:

Australians complacent about ensuring best mortgage rates

Major banks' tighter lending deters foreign buyers

Why you should use a mortgage broker