According to Finder.com.au, around $30 billion worth of fixed-rate mortgages are due to expire by the end of 2022 and an incredible $158 billion of fixed rate mortgages will mature before the end of the 2023, leaving some extraordinary headaches and sleepless nights for many households as they begin to stare down the barrel of a bazooka of reverting rates of over 7 per cent and even more if the RBA cash rate rises by another 1 percent plus as expected.

Even if by some miracle that doesn’t happen, and a lot of these borrowers locked into those really cheap fixed rates as low as 1.89%p.a. today are facing reverting rates around 5.90% +* that equals an extra $264.22 in repayments per week(or an extra $13,739.44 a year!) on a $500,000 loan, now that’s a big shock to most households!