Mortgage holders brace for another interest rate blow

Borrowers should look at refinancing their loans to get a better deal as interest rates rise. Photo: TND

Nearly one in 10 mortgage holders have struggled to make a repayment or pay a bill as rising interest rates tighten the screws on household budgets.

The Reserve Bank has already lifted interest rates from historic lows of 0.1 per cent in April last year to 3.35 per cent last month and is expected to hike rates again when the board meets on Tuesday.