The sales executive bought a $2 million house in the inner-west Sydney suburb of Haberfield in June 2021. He borrowed the lot, with $400,000 on a variable rate, which he has paid off, and the other $1.6 million on a fixed rate of 1.79 per cent. But the fixed rate will end in June.

His repayments will increase from $69,000 a year to nearly $110,000, based on the current variable rate of 5.5 per cent.