Daily Mail UK - Homeowner reveals she is paying $60,000 a year
A homeowner has revealed she is paying $60,000 a year in mortgage repayments after her interest rate doubled.
Victoria Harris, who is a financial expert and founder of The Curve - an education platform providing investing and finance content for women - made the shocking admission on Saturday.
In a video shared TikTok, Ms Harris explained to her co-host Sophie Hallwright she was initially paying $27,000 for her property.
'So, I was paying $27,000 six years ago at a 3 per cent mortgage rate,' Ms Harris said.
'Now I'm paying at six and a half per cent. I'm now paying about $60,000 a year. I'm paying now more than double what I was paying.'
Ms Hallwright appeared gobsmacked and stared at her co-host with her mouth agape after she revealed the total amount of her mortgage repayments.
The New Zealand-based duo received more than 350 comments, with many criticising Ms Harris.
Social media users claimed Ms Harris bought her property at a time of record low interest rates and should have expected her repayments to increase when bank's change their rate.
'I don't get it - do people get loans expecting to pay the lowest interests rate the world has seen in the last 20 years forever,' one person commented.
'Yep. That's what can happen with interest rates. They can vary dramatically due to the economy. Why is she surprised?,' another person wrote.
'People need to be really careful when they initially take out the loan to see what would the repayment be for x% to decide whether that would be ok,' a third added.
Ms Harris replied claiming she is 'not complaining' but is 'educating' The Curve's followers as to the impact of rising interest rates.
'I'm single and saved my entire deposit & pay my mortgage myself. Not over extended, just stating facts,' Ms Harris wrote.
The video comes after New Zealand's economy slipped into a recession after recording two consecutive quarters of negative growth.
INVESTING IS FOR COOL KIDS
Take control of your future by learning how to be better with your money. Join the thousands of women in The Curve community who are dedicated to building their knowledge and their wealth through investing.