Finding a mortgage rate in Australia that is less than 6% is now a thing of the past for many borrowers in the country as the Reserve Bank of Australia’s 13th rate hike flows through to lenders.

Since the RBA raised the cash rate to 4.35% in November - the highest level in 12 years - dozens of lenders have passed on the full 25 basis point hike to their variable loan customers.

And while banks are continuing to fight for high-quality customers with stable, well-paying jobs, big deposits and a low loan-to-value ratio, Sydney Mortgage Choice broker Terri Unwin, told local press that this just isn’t the reality for many borrowers.

“A competitive rate would be about 6.14%,” Unwin told realestate.com.au, adding, “Yes, you potentially still can get a five in front of your home loan. But I think people have to be aware that that rate would be offered to someone on an 80% loan-to-value ratio, paying principal and interest, and owner occupied. The banks are still out there wanting business, but they’ll pay a bigger discount for the cream of the crop.”