I get skyrocketing living costs are out of control and they have put a heavy strain on household budgets.
Fears that thousands of first-home buyers will be tipped into financial distress by rising mortgage rates as the Reserve Bank tries to battle inflation have also added fuel to the fire.
The bank's own research, released to NZME under the Official Information Act, reckons as many as half (49 per cent) of the people who bought their first home last year during the market peak could face "serviceability stress" if interest rates hit 6 per cent.
This comes as data reveals new mortgage registrations with banks have nosedived by a third, while a $750,000 loan fixed for one year now costs about $160 more a week than it did a year ago.
The Bankers Association of New Zealand and mortgage brokers told this newspaper they blamed tough Credit Contracts and Consumer Finance Act rules, which were relaxed last month.
CoreLogic chief property economist Kelvin Davidson said pricing power in the property market was moving to buyers as houses were taking longer to sell.
He said about half the loans in New Zealand were fixed and due to roll over in the next 12 months - and if people were having to put more money towards their mortgage, petrol, and food, this meant more general spending in retail and shops can't happen.
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And those of us who own homes and who are looking to refix mortgages will definitely have some adjustments to make.
My husband and I will be looking to refix our mortgage in July so it is fair to say we have been watching these developments closely: and bracing for the hit.
In my view, the property market has been left to grow into a powerful beast that continues to dictate to all parts of our economy.
Its tentacles stretch far and wide, both on desperately needed new builds, which provide a powerhouse of employment to landlords who are filling state housing gaps, and the everyday Joe Bloggs wanting to buy or sell.
The rub for me is how prices have been left to spiral upwards and now everyone is crying a river as a multitude of factors come into play.
Soaring house prices left many desperate to get on the property ladder but if you can't afford a mortgage hike, how and why did you get the loan in the first place?
I would rather see the equity drop in my home if it allowed more affordable housing - but of course, that horse has long bolted.