Chart 1: Mortgage payments surge as interest rates rise

Increase in annual mortgage repayments based on median priced house, 20% deposit, 30-year term

Assuming the Dec 2020 mortgage was fixed for three years, the Dec 2021 mortgage was fixed for two years, and refixed at the lowest available rate in Dec 2023
Chart: Gareth Kiernan/InfometricsSource: REINZ, RBNZ, InfometricsCreated with Datawrapper