The decision on Tuesday by the Reserve Bank of Australia to raise the official cash rate to 3.1 per cent adds further financial pressure to households three weeks out from Christmas.

If Tuesday's increase is passed on by lenders, the eight rate hikes since May would equate to an additional $1522 each month for a Canberra house owner.

The figure, provided to The Canberra Times by comparison website Canstar, is based on the median house value in April of $1,070,220 and a 30-year loan with a 20 per cent deposit.

For Canberra unit owners, the impact of this year's rate rises would see $881 added to their repayments each month.

The figure is based on the April median unit value of $619,753.

The majority of economists and experts (35 of 40) surveyed by comparison website Finder correctly predicted the December cash rate rise.

Less than half of the experts (17 of 40) said they expect the Reserve Bank to raise the rate again at its first meeting of 2023 in February, after the central bank pauses any cash rate announcements in January.

Data released by the Reserve Bank shows existing borrowers could be stuck with an interest rate that is half a percentage point higher than new customers who are being offered better deals by lenders.

In October, the average new variable loan was 4.58 per cent, compared to the average 5.09 per cent for outstanding loans.

Analysis by Canstar shows this could mean a difference of $155 each month, based on a $500,000 principal and interest loan over 30 years.

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Canstar group executive Steve Mickenbecker said it may benefit home owners to shop around.

"With the Reserve Bank reporting that existing borrowers are paying an interest rate that is half a percentage point higher than new borrowers, sitting tight is costing home owners dearly," he said.

"It may be time to make yourself a new borrower somewhere else."

But home owners don't necessarily need to refinance to get a better deal.

Canberra financial advisor Nick Lucey of Nest Advisory said many of his clients have been successful in requesting a better interest rate with their existing lender.

"Without having to do a whole refinance, all we have to do is submit a pricing request to the bank, which is just kind of saying, 'Can you do a better deal'?" he told The Canberra Times on Tuesday.

CoreLogic Australia head of research Eliza Owen said a 300 basis point increase in the cash rate this year is significant, given it is the same buffer used to assess loan serviceability of new borrowers.

Ms Owen said borrowers whose fixed rate ends in 2023 may be in for a shock.

"For those rolling off of low fixed-term rates, an average variable rate of 5.08 per cent may create a 'sticker shock', noting average fixed-term rates of three years or less bottomed out at 1.95 per cent for owner occupiers," she said.

"The higher rate environment will test housing market conditions in 2023, when the majority of outstanding fixed-term mortgages are expected to expire."

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