On Tuesday, the Reserve Bank of Bank of Australia increased the cash rate target by 50 basis points to 1.85 per cent, but economists say there are a few winners.

"The higher rates are quite good for people with savings and quite good for people who don't have mortgages," Regional Australia Institute chief economist Dr Kim Houghton said.

Around one-third (31 per cent) of Aussies own their home outright, and this rate is often higher in regional areas, Australian Bureau of Statistics (ABS) data shows.

"Traditionally there's a slightly higher proportion of outright home ownership in regions, partly because the population is generally slightly older in regions. So, for those people this is all great," Dr Houghton said.

"If you own your own home outright, the rates don't have any negative impact on your housing situation, and in fact you're sitting on a more valuable asset."

The interest rate rises are also good for people with cash in the bank, as term deposit rates should mirror lending rates.

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"You've been getting nothing for the money you had in the bank over the last 18 months, that will start to come back as rates rise," Dr Houghton said.

"For that part of the community this is long-awaited good news in a sense that their cash deposits might start to yield a bit of a return."

The outright home ownership rate in NSW (31.5 per cent) is slightly above the national rate.

The rate is much higher in the Port Macquarie-Hastings local government area with 42.5 per cent of people having paid their home loan off.

The rate is 34 per cent in the Bathurst LGA and 34.2 per cent in Wollongong LGA; while Orange (30.8 per cent) and Newcastle (29.2 per cent) LGAs are below the state and national rates.

At 32.2 per cent, Victoria's rate of outright home ownership is above the national average.

Many regional areas are even higher, including Ballarat (32.6 per cent), Greater Bendigo (34.7 per cent) and Greater Geelong at 34.1 per cent.

The rate of outright home ownership in the sunshine state is a little lower than Australia's rate at 29.1 per cent.

Around one third (33.9 per cent) of people living in the Sunshine Coast local government area have no mortgage. However, the rate falls in Moreton Bay (28.0 per cent), while Ipswich (20.2 per cent) is well below the state and national rate.

The rate in Western Australia of 29.2 per cent is below the national average.

Busselton (36.2 per cent) and Mandurah (33.6 per cent) local government areas have much higher rates of people without a mortgage.

Almost one third (32.8 per cent) of South Australia residents do not have a mortgage, however this rate drops in the Mount Gambier (30.5 per cent) and Gawler (29.7 per cent) LGAs.

The rate of outright home ownership of 15.8 per cent in the Northern Territory is around half the national rate of 31 per cent.

This falls even further in the Alice Springs (15.7 per cent) and Palmerston (9.6 per cent) local government areas.

Tasmania's outright home ownership rate of 37.1 per cent is the highest of all Australian states and territories.

This rate is slightly lower in Devonport (35.0 per cent) and lower again in Launceston at 31.6 per cent.