The Reserve Bank has hiked interest rates again. How much will this cost me?

Australian mortgage holders will have to stretch their budgets further following a decision by the Reserve Bank of Australia (RBA) to hike interest rates for the second time in a row.

Today's hike brings the official cash rate target back up to 4.10 per cent after the RBA handed down a 25-basis-point increase February, which took the cash rate up to 3.85 per cent.

Rate tracking by Canstar found after the last hike, the vast majority of lenders passed on the hike in full within two weeks of the announcement.

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So what will this mean for mortgage holders?

Mortgage holders with a debt of $500,000 could pay at least $151 more per month with the cumulative increase from February and March, according to data from Canstar.

For someone with a $600,000 mortgage, the total increase between February and March would be $181 a month.

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Those with a $700,000 mortgage are expected to pay more than $211 a month after the two hikes.

For someone with $800,000 left on their mortgage, the two hikes could add an additional $241 to their monthly repayments.

For those with a debt of $900,000, the culmulative increase could be an extra $271 per month.

Mortgage holders with $1 million of outstanding debt are likely to pay an additional $301 extra a month.

Canstar data insights director Sally Tindall said while the banks were likely to pass the rise through to their variable rate customers in full, there were ways to outsmart the rise.

"Banks might apply a blanket increase to their variable customer base, but still be willing to hand out cuts on a case-by-case basis," Tindall said.

"Often it's just a matter of stating your case."

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