A ‘mortgage cliff’ is the slightly dramatic but probably apt phrase used for describing the huge increase in mortgage payments that many Australians are facing as they shift from low-fixed rate loans set up during the pandemic period to the much higher variable (or fixed) rates now available.

Throughout 2022 and 2023 the Reserve Bank of Australia (RBA) raised interest rates on 13 separate occasions. During the same period almost 1.5 million Australian mortgages came off fixed rates with a further 450,000 mortgages likewise expected to come off a low fixed rate in 2024. With a national average mortgage balance of $600,000, even the slightest rate increases can have devastating impacts on repayment levels.

This module is designed to assist those facing a potential mortgage cliff including: