This latest OCR hike was not unexpected. In fact, it's getting close to what the Reserve Bank forecast some time ago.
Recently, the Reserve Bank lifted the Official Cash Rate by 50 basis points, taking it to 5.25% - its highest level since 2008 when it reached 8.25%. RBNZ earlier forecasted a peak of 5.5% this year.
Historically, six or seven percent rates have been about the average for Kiwi borrowers, with one and two-year rates at retail banks now starting to stretch to the top end of that.
Given so many had locked in at two or three percent, it will be a tough winter for a lot of homeowners re-setting with a much higher interest rate.
Another concern is first and next-home buyers' access to credit.
Here's hoping the banks assessments and stress testing of applicants doesn't get too prohibitive that fewer and fewer are able to borrow in the first place. That would only exacerbate any issues in and around the real estate market.
The Government promised last year that it would get slightly less prescriptive with home loan lenders, but stories from the frontline remain mixed," says Mr Kearins.
More than ever it's important for prospective borrowers to know that it doesn't all begin and end with the big banks. Mortgage brokers can often deliver more competitive rates and greater borrowing flexibility.
For first-home buyers who can cobble together a deposit and secure finance, one small mercy is that in a softer market they can often make up some ground with a good sale negotiation by their real estate agent.
As well as more opportunities out there for buyers, it's potentially a prudent time for some renting to take the plunge, with rents continuing to head north not helped by shortages.
The pressures on rental stock have only grown this year, not helped by the Auckland floods and Cyclone Gabrielle. What's more, 1 April hasn't helped tenants, with landlords being further hit by a further loss of tax deductibility on their mortgage interest costs.
Not only have thousands of Kiwis had their houses yellowed or red stickered, over 20,000 are on the public housing waiting list, and thousands remain in emergency housing including motels. This adds incredible pressure on rental property availability, and hence rents won't be easing any time soon.
MBIE's Tenancy Services Rental Bond Data released in March showed that median rents nationwide are up $175 per week since 2017 – reaching $575.
For tenants sick of paying sky-high rents, who are fortunate enough to possibly buy, they should do their initial sums on a mortgage calculator. Despite rising interest rates, they might still be surprised. Then they need to shop around to get the best deal.