A Nelson family is considering selling their home as they struggle to cope with mortgage interest rate rises.

They bought their home for $1.2 million in 2021, with a loan topping $1 million.

They were initially paying $4,000 a month, but that's set to become more than $6,000 a month in March, on the bank's new 6.49 percent fixed term.

Homeowner Aaron Rubin says the rising interest rates will drain all their household income and they'll be forced to cut back.

LISTEN ABOVE

A Nelson family is considering selling their home as they struggle to cope with mortgage interest rate rises.
They bought their home for $1.2 million in 2021, with a loan topping $1 million.
They were initially paying $4,000 a month, but that's set to become more than $6,000 a month in March, on the bank's new 6.49 percent fixed term.
Homeowner Aaron Rubin says the rising interest rates will drain all their household income and they'll be forced to cut back.
LISTEN ABOVE

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