Interest rates could double for many Kiwis across the country

According to CoreLogic's Property Market and Economic Update roughly 60 percent of home loans will need to be refinanced in the next year.

For a number of people that will mean fix interest rates will rise from two percent in mid last year to four percent by mid 2022.

CoreLogic chief property economist Kelvin Davidson says it will have a major impact on housing.

Davidson says rising cost of debt and reduced availability of debt will contribute to slowing down the property market.