So far, your repayments in these circumstances would have increased by a lesser $424, to $3467, thanks to the RBA (from an average bank rate of 3.45 per cent to the now 4.7 per cent).

How much would each coming rate increase likely cost you from here? On that average $611,158 loan, each 25-basis point hike would add about $90 a month. That is on top of the average $3467 you might be paying now on a big-bank rate.

If your mortgage is a lower, say $400,000, each 25-basis point RBA rise costs you about $60 a month. If it is a higher $800,000, the hip-pocket hurt is roughly $120 a month.

In any case, it is time to stem some repayment pain.

We also have more solid forecasts of where this interest-rate increase cycle may end. Mercifully, it could be short and sharp.

The latest Finder RBA cash rate survey of 26 experts and economists says official rates may peak – after a possible pause next month – at 2.5 per cent. Treasurer Jim Chalmers has said expectations are for inflation to top out at 7.75 per cent in the December quarter, and then decline next year.

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The predicted rate hikes would total of 2.4 percentage points, all the way up from the COVID-emergency historic low of 0.1 per cent. They could hit 1.75 per cent by Tuesday.

However, you can act now and wipe almost as much off your mortgage payments as all the rate increases so far, simply by refinancing to a cheaper lender. It’s worth the hassle, so give it plenty of thought.

• Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.