Canberra home owners who took out a loan in January could be paying more than $600 extra each month on their repayments, after five cash rate increases this year.
The Reserve Bank gifted home owners a cash rate pause in December.
But the previous five increases in 2023 took the cash rate from 3.1 per cent in January to 4.35 per cent in November.
Analysis by financial comparison website Canstar found the five cash rate increases would have added $628 to the monthly repayments on a Canberra house and $397 to the monthly repayments on a Canberra unit.
The modelling is based on an 80 per cent loan taken out in January, when the median house price was about $950,000 and the median unit price was about $600,000.
Canstar editor-at-large and money expert Effie Zahos said the cash rate pause in December would spare home owners any further financial pain this year.
"With monthly inflation figures coming in better than expected, retail sales down, slightly higher unemployment numbers and a softening of property prices, there appears to be no immediate pressure for the Reserve Bank of Australia to increase the cash rate in December," she said.
"As the central bank won't then meet again until February, it means borrowers could have some reprieve over the holiday season."
Households appear to be coping
CoreLogic head of research Eliza Owen said despite the rate rises this year, households appear to be coping.
The Australian Prudential Regulation Authority released its September quarter property exposures on Tuesday which Ms Owen said "showed a continued resilience in households' ability to service higher mortgage costs".
The non-performing loan rate, where repayments are overdue by 90 days or more, increased to a 0.8 per cent of outstanding housing credit.
The portion of housing loans that were 30 to 89 days past due also increased but represents just 0.54 per cent of loans.
Ms Owen said the resilience in mortgage serviceability may be surprising.
"However, economic data suggests households are continuing to cope through reduced savings, potentially working more hours, and putting less towards mortgage savings buffers and more towards scheduled repayments," she said.
Banks offer incentives ahead of Christmas
The latest lenders' interest rates data from the Reserve Bank shows existing mortgage holders are on average paying a rate of 6.18 per cent while new borrowers were paying an average 6 per cent.
Canstar found more than 50 variable owner occupier interest rates on its website were below 6 per cent.
More than two-thirds of interest rates on its website offered new customers an incentive to switch before the end of the year to an interest rate between 6 per cent and 6.5 per cent.
Canstar finance expert Steve Mickenbecker said new owner occupier variable interest rates varied from 5.5 per cent to 9.5 per cent.
"It means that there are borrowers who will be paying 3.5 per cent more than the savvy ones who have found their way into the leading deals and are effectively being subsidised by the high rate payers," he said.
"Four in ten variable rate loans fall into the 6 per cent to 6.49 per cent band and any borrower paying more should be looking at refinancing or renegotiating to get ahead of that herd into a loan that will save them money every month.
"At least don't fall into the laggard group."