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I had thought that lenders when going through a loan approval process, calculate serviceability at rates 2% above current at the time. So in theory borrowers should be fine.

I don't know about esteemed, old - yes. Yes, I had a home loan then. Bear in mind that those high rates only lasted for 2 years and a valid strategy at the time would have been to fix interest rates for 2-3 years at a level you could comfortably service - before they went to 18% obviously.