A Nelson family is considering selling their home as they struggle to cope with mortgage interest rate rises.

They bought their home for $1.2 million in 2021, with a loan topping $1 million.

They were initially paying $4,000 a month, but that's set to become more than $6,000 a month in March, on the bank's new 6.49 percent fixed term.

Homeowner Aaron Rubin says the rising interest rates will drain all their household income and they'll be forced to cut back.

LISTEN ABOVE

• ‘Brings tears to my eyes’: Family consider selling after $2600 monthly interest rate rise
• Economist: Expect to see another rise in interest rates
• The price of your home: Latest values revealed; where the market is now heading
• Milford Asset Management expert: It's still too early to declare victory over inflation