Some mortgage holders are in for a tough adjustment come 2024. 

A Reserve Bank report says the average household will spend about 18% of their income on interest payments alone by mid-next year. 

It comes as those on extremely low interest rates in 2019 start turning over to new rates. 

Kiwibank Chief Executive, Steve Jurkovich, told Mike Hosking that the upside is the doubling of interest rates comes from a low base. 

He says in context, the number is pretty normal compared to what we've seen over the past decade. 

LISTEN ABOVE 

• "Tough adjustment" coming for low interest mortgage holders