The official cash rate has gone up eight times this year, but it hasn't increased Felix and Georgia Daniels's mortgage repayments at all.
Like many borrowers, they locked in an ultra-low fixed rate last year on their $600,000 mortgage.
However, they are worried about how they will afford an extra $1,000 a month, or more, on their repayments when their fixed-rate term comes to an end next year.
Experts say there are practical things borrowers like the Daniels can do now to prepare.
Start saving to create a buffer
"If you fixed your rate under 2 per cent, you're probably laughing all the way to the bank for now," says RateCity's Sally Tindall.
"Instead of putting your feet up and enjoying the good times now, start preparing for the mortgage cliff while you can."
She suggests working out what your monthly repayments would look like when you roll off the fixed rate and start putting aside that amount now to build a buffer.
Even with a fixed rate, most lenders allow some extra repayments, so find out what your cap is.
"You should consider putting extra in up to that cap or potentially putting it into a high-interest savings account," Ms Tindall suggests.
Personal finance lecturer Di Johnson recommends to start living like your rates have already increased.
"Just to see how comfortably that fits within your budget," she says.
"That can help people see just how much room there is or isn't in their budget and what else might need to change."
Put a negotiation date in your diary
"Start thinking about your next steps at least two months in advance," recommends Sally Tindall.
She says to make sure you negotiate your new rate, rather than just rolling on to the variable rate specified in your fixed-loan contract, which is usually much higher than the cheapest discount rates available from your bank.
"Shop around for a decent rate and understand what your bank might be willing to offer you."
When you're comparing products, make sure you're looking at the comparison rate, not just the headline rate, says Di Johnson.
"And check out the fees — whether it's application fees, right through to exit fees."
Despite the tough environment, banks are still keen on low-risk borrowers, so if you're in that category, you may have some leverage to negotiate better terms.
Find out if refinancing is an option for you
Another option is to try and refinance to get a better deal with another lender.
However, Sally Tindall warns some people may have to pay lenders mortgage insurance (LMI) in order to refinance, if the equity in their property is below 20 per cent.
Even those who had a 20 per cent deposit to start with may find their equity is below 20 per cent if their home's value has fallen since they bought it.
Some people may even become "mortgage prisoners", where they can't move between lenders.
"For some people, if they haven't got a lot of equity in their home, or if they've had some income reduction, they might find that they aren't actually able to move between lenders," says Di Johnson.
"If you find yourself in mortgage prison, unable to refinance, roll up your sleeves, put on your best poker face and negotiate with your current bank," says Sally Tindall.
Here's what to do if you can't afford the repayments
If you do the calculations and think you won't be able to afford the higher repayments, Di Johnson says it could be worth speaking to your lender's financial hardship team.
The banks consistently advise doing this as early as possible, before you find yourself in severe financial stress.
They can help by waiving fees, pausing repayments or consolidating your debt.
You could also contact a financial counsellor from the National Debt Helpline. They offer free and independent financial advice.
