Even with the Reserve Bank expected to make further increases to the cash rate after ratcheting upwards for the first time in more than a decade earlier this month, Mr Ranson is not expecting a Tasmanian housing market price crash.

"Tassie's always been a market that's not tended go backwards," Mr Ranson said.

"It's tended to flatline and tended to step up every 13-15 years

Mr Ranson said it was too early after the cash rate announcement to see any discernible change in levels of inquiries and home loan applications.

"We do have a view we've reached peak of market from a property price point of view," he said.

"There was already a lot of foreshadowing that interest rates were going to move.

"It didn't come as a complete surprise."

He said rate rises would decrease households' borrowing capacity, and that would "naturally start to bring back price growth".

"Interest rates, I think, are one effective way to slow the economy, but also these cost of living pressures are coming through."

Mr Ranson expected wages growth would increase.

He said many borrowers were very highly leveraged compared to historic debt levels, so interest rate increases did not need to be as high as they had been in the past to produce the same effects.

He said the bank's loan book had never been in better shape, considering the level of loans in arrears and the amount of borrowers ahead of required repayments.

"As interest rates came down, people kept their repayments the same," he said.

"The unknown is how hard they do go with interest rate increases and how long it goes for."

MyState Bank general manager of banking, retail and strategic partners Huw Bough said it was completely understandable customers had questions and concerns about the recent interest rate rise.

"For many of our customers it's the first interest rate rise they've experienced, so we've made sure our MyState Bank customer contact centre and banking team is ready to help," Mr Bough said.

"As a trusted local lender, we've had a steady increase of new inquiries through to our experienced MyState Bank team over the past week.

"As it's unlikely to be the last increase we'll see from the RBA, many conversations with our MyState Bank customers are around preparing for further change."

Mr Bough said the bank strictly assessed customers' repayment capacity and included a "serviceability buffer" above current interest rates.

"Many of our customers are also ahead on their repayments, putting them in a better position to withstand an interest rate rise," he said.