You’re supposed to be able to afford it if the rate goes up, and build that into your risk model, and rein in your spending. This then means that central bank

You’re supposed to be able to afford it if the rate goes up, and build that into your risk model, and rein in your spending. This then means that central bank interest rises have an immediate effect on the spare cash for a wide swathe of the population. You’re also supposed to have at least 20% equity at the get-go in Australia, or you end up having to pay extra for some sort of loss of value insurance (I haven’t looked into this much as it’s not my situation). This is making it hard for young folks to get started in an environment of elevated prices. From my perspective it would be a pretty sweet deal if I could fix my loan for 25 years and only ever revise the rate down! That’s why I was asking - what sort of rates do you actually end up paying, vs the central bank rate at the time?