It is a question that young Aussie Lisa Sun had to answer when she finally came off her fixed rate mortgage in late 2023.

The 27-year-old owns a modest home in Sydney that she rents out while she lives at her home with her parents.

Lisa works in a corporate job, earns what she describes as a “comfortable” wage and is the first to recognise she’s in a “privileged” position. Still, she’s also experiencing the stress of trying to service a “ridiculously” high mortgage as a single woman.

Now that she’s fallen off the dreaded mortgage cliff, her rate has soared from 1.84 per cent to 6.29 per cent.

Lisa isn’t alone in her struggle; 14 per cent of Aussie homeowners ended 2023 by coming off their fixed home loan, and the current official cash rate is sitting at 4.35 per cent and won’t be reviewed until February.

The young worker explained that while she does have tenants in her property, their rent doesn’t come “close” to paying off her hefty mortgage, and she’s currently living at her home with her parents to help offset the extra financial costs.

While Sun’s only in the early days of learning how to budget to forking out an extra $1200 per month, she’s already changed how she’s living.

“I’m thinking about money now, like, where do I go, what do I do, what events I go to, where I go on holiday,” she told news.com.au.

Even though she’s only been suffering from the increase for a month, she’s already changed her habits.

She’s started carrying snacks to prevent her from buying extra food, has had to stop going to expensive restaurants, and has changed how much she spends on the gym.

Lisa explained that trying to pay a mortgage, even while making good money, is “hard” on a single income.

She said her current home loan now feels “unaffordable”, but she’s staying on a variable, hoping that mortgage rates will drop within a year.

Lisa has been documenting how she’s trying to spend less on her social media accounts.

She said that while she’s currently living at home with her parents, which is a huge money saver, she’d like to get a place with her boyfriend, but now she’s feeling “reluctant” to sign a 12-month lease because she’s not sure what she’ll be able to afford.

The young worker said that even the though she’s in a good position, entered the property market young, has a good job, and a supportive family, she still thinks her financial future is uncertain, and the idea of having children feels unaffordable.

“I can barely afford myself and to pay my mortgage,” she pointed out.

Finder money expert Richard Whitten said that for Aussies coming off fixed home loan rates, coping comes down to budgeting.

“It is a question of budgeting for these new repayments and it’s also a good idea to start looking around at what other lenders are offering. You could find a better deal somewhere else, which could take some (though not all) of the sting out of your low fixed rate ending,” he said.

Mr Whitten also advised that if you are struggling to handle higher repayments, it is vital to say something before you fall behind.

“If you really think you can’t handle these higher repayments, then it’s important to talk to your lender before you start missing repayments. Lenders have hardship assistance schemes and may be able to help you with financial counselling, a temporary repayment pause or switching you to lower interest-only repayments for a short period,” he said.