Firstmac, the nation's biggest non-bank lender, and nine other smaller lenders are discreetly raising fixed-rate mortgages by up to 45 basis points in a move expected to be followed by others as the "Trump effect" begins to bite local borrowers, according to lenders and market analysts.

"International funding costs are rising, which is the fallout from the 'Trump effect'," said Martin North, principal of Digital Finance Analytics, a consultancy to financial service companies, about the impact on the cost of capital if President-elect Donald Trump goes ahead with proposed tax cuts and infrastructure spending. "Other lenders are likely to follow," Mr North said.

Firstmac has increased one to three-year rates on its owner-occupier and investor rates by up to 13 basis points. Owner-occupied rates have increased to 4.09 per cent and investor rates to 4.34 per cent.

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"When lenders start to lift the pricing on their fixed rates the variable rates don't tend to fall any lower," said Jessica Darnbrough, a spokesperson for Mortgage Choice, a listed company representing mortgage brokers.

Nine other lenders have been increasing their fixed rates by up to 45 basis across several of their products.