April 2022: the last sub-3% fixed offers disappear

A $700,000 investment loan that had been priced at $13,200 of interest in October 2021 was now priced at $25,100 — a $230/week hit before any cash-rate move. The cycle had already moved 50% of the way before the RBA's first hike.

Many investors waited for 'the first cut to come back'. It never came. The April 2022 fixed-rate offers were the floor for the entire cycle and the next floor wouldn't appear until at least 2025.