It's a good time to have a mortgage. Interest rates have never been lower. But that's hardly something to celebrate.

Low rates are probably the only thing keeping many borrowers afloat right now.

It's hard to imagine a world with an Official Cash Rate at 8.25 per cent and floating mortgage rates above 10 per cent.


Those kind of numbers would be disastrous for many heavily leveraged home owners, farmers and businesses. That's where we were in June 2008 when the Global Financial Crisis hit.

Less than a year later - by April 2009 - the official cash rate