Homeowners and buyers are being warned to expect mortgage rates to creep up further this year.
Fixed and floating interest rates have already climbed in the last 12 months, and banks have also tightened up on new home-loan sweeteners, with no trips overseas, iPhones, credit cards or cash contributions unless negotiated on a case-by-case basis.
After the record low-interest rates Kiwis have enjoyed in recent years, it was only a matter of time before rates began to creep up again.
What is concerning is the potential impact this could have on those who borrowed heavily to get on the property ladder as house prices soared.
New Zealand Federation of Family Budgeting chief executive Raewyn Fox says some people have stretched their budgets to buy a home. An interest-rate rise could blow their family budget completely.
Last week ANZ's chief economist Cameron Bagrie told Fairfax that Auckland was now heavily exposed to the risk of higher interest rates, suggesting the game was over for the housing boom in that city and that it was much more vulnerable to rising interest rates than it was 2007, the last time the market turned.
The Auckland housing boom spread to other regions, including here.
Bay of Plenty homeowners have seen the value of their homes increase rapidly over the past few years.
However, those seeking to buy their first home have faced an uphill struggle, and rising interest rates are not likely to make their task any easier.
Hopefully, the experts are right - that the predicted interest rate rises will be slight and families will not be forced to make tough decisions when it comes to their weekly budgets.