Floating-rate mortgages last year reduced many borrowers' payment burden as the Bank of England dropped its base rate to 0.5% and lenders adjusted their standard variable rates downward in response.

And even though variable mortgage rates are low (just 1.75%, according to the Bank of Canada), borrowers must meet the creditworthiness standards required for a five-year, fixed-rate mortgage.

CBA’s standard variable home loan interest rate will be increased by 45 basis points, or 0.45 percentage point, to 7.81 percent on Nov. 5, the Sydney-based bank said today.