From the 1,072 people surveyed in April 2022 - before the RBA increased the cash rate in May - most were already taking steps to mitigate the impact of higher mortgage repayments.
Almost half (47%) said they reduced their living costs; 42% built up their savings; 38% have been making additional repayments; and 37% have been stashing money in an offset/redraw account.
CommBank's Executive General Manager of Home Buying Dr Michael Baumann said that one in two CBA customers are more than three months ahead on their home loan repayments.
"It’s encouraging that the majority of Australian homeowners are taking proactive steps to continue to improve their financial position with rates expected to continue to increase over the next 12 to 18 months," Dr Baumann said.
"We have seen higher splitting activity and a shift to fixed rates in response to the recent cash rate increase as customers explore their options. Since the start of May splitting activity has more than doubled."
RBA data also shows the average variable-rate owner occupier borrower is 21 months ahead on their mortgage - pre-pandemic it was 10 months.
A rise of 2 percentage points could see the buffer dip to 19 months.
House prices to fall 10%?
Today, Dr Baumann spoke at the Australian Financial Review Banking Summit, and said CBA forecasts a roughly 10% fall in house prices.
Previously, Westpac chief executive Peter King and chief economist at AMP Shane Oliver both predicted house price falls of 10 to 15% in the next two years.
HSBC's chief economist Paul Bloxham also tipped house prices to fall 10% next year.
Read more: How much are house prices tipped to fall?
Dr Baumann also said the RBA has a "tricky job", and that a lot of customers will see their fixed rate home loans roll over this year - potentially to a higher interest rate.
"What we’re seeing right now is tightening interest rates will have an impact on the repayment demands for our buying customers, but a lot of people are fixed over time," he said.
"You will see another effect where they moved from a fixed interest rate... we are slightly more conservative when it comes to cash rate increases."
CBA has approximately $89 billion worth of fixed loans rolling off in 2023.
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| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | LVR | Lump Sum Repayment | Additional Repayments | Split Loan Option | Tags | Features | Link | Compare |
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Image by Braden Collum on Unsplash
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