Should rates rise, there are a number of effective ways to lessen the impact on your finances:

Factor in possible hikes

- Leave room for a number of interest rate rises when you assess your borrowing capabilities - this is essential, particularly now with rates on the upward climb. You may have to reduce your mortgage amount slightly or purchase property that's at the lower end of your price range as a result.

Interest only

- If you're really struggling to keep up with rate hikes, you can consider changing to an interest-only loan. While not an effective long-term strategy for owner-occupiers, it might be an option while you deal with the here and now.

Refinance

- Your situation may have changed from when you first took out your mortgage for example you've now only got one person in the household earning a salary. Rates between lenders are also changing dramatically as rates continue to rise. Ask your broker what mortgages are available that better suit your situation.