I have also read the raising interest rates in Australia. Conversely, they are trying to reduce interest rates in my country, which has caused hyperinflation for about six months.
I think that the raised interest rates would not affect those who already have a loan if it had not variable rate. They generally prefer fixed rate loan here, and it is profitable in case of a hyperinflation.
Most people have variable rates in Australia from what I understand, with the "locked in" periods quite short in general (two to three years)
It is optional here.