The couple bought their first home in September with a variable loan and said they didn’t expect things to change so quickly.

“I had suspected they would go up but probably not quite as quickly as they did,” Daniel said

“We are a bit apprehensive, because we don’t have an indication of how long they will continue to go up for.

“No one can tell, so that’s a bit of a worry.”

The Reserve Bank lifted interest rates for a second time in a month on Tuesday, when they announced an increase to 3.5 per cent.

For the average $300,000 mortgage this means an increase of about $45 a month.

Mr Hill said he hadn’t been dramatically affected because they were sensible about the property they purchased.

“When we bought our property we made sure we didn’t over-stretch ourselves.

“We made sure it was in our budget, we bought smart and still have a fair bit of our savings left.”

Jade Castledine and her partner Trent Smith from St Georges Basin bought their first house in October last year, when interest rates were at their lowest.

The 20-year-old said she regretted not changing her loan to a fixed rate and is concerned about the future.

“My partner is in the Navy and the day before he left to go to sea we tried to swap our loan to a fixed rate,” she explained.

“We couldn’t finalise it in a day so when he gets back later this month we will have to fix our loan at a much higher rate.”

Ms Castledine said they hadn’t planned for the rate rise and she will now have to alter her lifestyle to account for the extra cost.

“It’s so much higher now, I’m pretty annoyed about the rise,” she said.

“We are just going to have to be tighter with our money.

“Now I need to worry, where as before it didn’t really concern me.”