[9] For households, there is evidence that it will take longer for policy changes to pass through to interest burdens in this tightening cycle, as a higher share of households have fixed-rate mortgages than in the mid-2000s.
At the same time, once mortgages have been repriced, the restrictive effect may be greater: gross debt-toincome ratios, which emphasise debt servicing capacity, are higher than in previous tightening cycles, while the share of homeowners with a mortgage has increased. [10] Both sources of uncertainty will only fade away with time.