The Reserve Bank board returned from a two-month summer break on Tuesday, keeping the cash rate on hold at 2 per cent as expected.

Despite the decision to leave rates on hold, however, recent history has shown this is only part of the story for the interest rates that mortgage customers actually pay.

And as the banks' funding costs start to creep up again, some analysts believe borrowers may face more interest rate hikes from the banks this year, even if the RBA leaves rates unchanged.

The last six months have shown banks are once again dancing to their own tune when it comes to home loan interest rates.