It's 'Peak Mortgage Shock' time now. To explain that a little: June of last year saw interest rates pretty much at the bottom, as the Reserve Bank's summation of the averages of new 'special' mortgage rates shows. But if you took out a two-year rate in June 2020 the interest rate wasn't actually much higher than that. So, whether you are refixing one or two-year terms, a very unpleasant shock to the financial system awaits. So, the great interest rate shock of 2022 is coming home to roost for good numbers of people imminently, if it hasn't already.

Source: Stuff June 30, 2022 05:57 UTC