Westpac predicts 6 mortgage rate rises before Easter 2024. If they’re on the money, how much could this cost you?

And more importantly – is there anything you can do about it?

The short answer is yes. You can get in front of these predicted variable rate rises by locking your mortgage into a fixed rate loan, pronto.

Learn the difference between a fixed and variable loan – and work out the best one for you.

Westpac aren’t alone in changing their rate predictions: on our RBA panel of 40 economists and property experts, almost half of them expect interest rates to increase sooner than later.

If Westpac’s prediction of 6 rate hikes does come true, how much would you expect to pay for your home loan?

I ran the numbers on principal and interest mortgages, and here’s the result:

Mortgage value Current monthly repayment at 2% Future monthly repayment at 3.4% Difference per month / year
$300,000 $1,109 $1,331 $222 / $2,664
$500,000 $1,849 $2,218 $369 / $4,428
$750,000 $2,773 $3,327 $554 / $6,648
$1,000,000 $3,697 $4,435 $738 / $8,856

Source: Finder’s home loan repayment calculator (click to run the numbers on your own mortgage)

Fixed rate loans are already starting to rise, so if you’re keen to lock in a good rate ASAP, here are a few of the offers available right now:

Moral of the story? If a fixed rate home loan suits you, take steps to lock it in ASAP. Check out the latest fixed rate home loan offers now.