As COVID hit and the Reserve Bank cut interest rates to record lows to stimulate the economy, Aaron Doull and his wife Saori took out an $850,000 loan to buy their first home.
Most of their mortgage was fixed at a 2.2 per cent interest rate.
But next year, when the couple come off that fixed loan, they'll face variable interest rates of around 6 per cent. That's well above the 2.5 per cent serviceability buffer that their loan was based on.
