Could you find an extra $1600 a month in the household budget if you had to?
That's the sharp end of the cost of living crisis for some Aucklanders, and that's on mortage payments alone.
Westpac has crunched the numbers for the so called "great refixing". And here's what it found. If you bought an average priced Auckland home in May 2021 with a 20 percent deposit, and you were coming off a fixed home loan, then your new mortgage interest rate would be on average more than twice what you've been paying, or close to an extra $1600 dollars per month in home loan repayments.
And thousands more home owners are about to reluctantly join the "Great Refixing" club.
Westpac Senior Economist Satish Ranchhod spoke to Lisa Owen.
