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ANZ expects the Reserve Bank of Australia to raise the cash rate by another 0.5 percentage points in August which would see borrowers with a $600,000 loan pay an extra $169 a month on their mortgage.
The Reserve Bank has lifted interest rates amid more signs of the inflationary pressures hitting parts of the economy.
Australian shares jumped after the RBA raised interest rates in line with expectations, with bank stocks responding positively to the news.
Financial markets have reduced the estimated June 2023 cash rate target to 3.54 per cent from a previous implied peak of 3.65 per cent.
The Reserve Bank has lifted interest rates amid more signs of the inflationary pressures hitting parts of the economy.