In Australia, the longest fixed rate period you can lock in is 5 years. We took the 2 year option on 1.99%, the five year option was 2.99%. The Reserve Bank kept their narrative, 'No increases until 2024'. Our fixed period ends in January 2024. The Reserve's narrative has changed, they will raise this year. 

We do have room for rates to rise, at the moment, the repayments are about 31% of my take home pay. All of my wife's pay goes into savings - I guess the fear is, a 1% increase works out to be $115 per week for us - that's a fair chunk of disposable income.

We're lucky though, our mortgage is only around that $600,000 mark - from memory the average new mortgage is about $800,000 - so I guess we're in a position where we're a lot better off than a lot of people. The indebtedness of the country should stop the Reserve from raising like crazy though, the implications, and potential for negative equity. Ouch!