For every $100,000 of debt you have, a .25 per cent interest increase means an extra $20 a month to budget for.
So that $100,000 that could be costing you $5750 a year at 5.75 per cent might cost $8000 a year when rates hit 8 per cent - that's $180 more in interest a month.
Buying a rental? Buying a business? Don't forget to factor in the cost of interest and its expected increases over the next couple of years. This will affect your operating budget and return on investment.
Apart from the basic decision of whether to fix or float your loan and, if you're fixing, for what term, there are other things to consider that might help cut your borrowing costs:
Explore and buy a membership. Memberships can come with several benefits including, with some organisations, deals to receive a discount on borrowing.