With 20% deposit over a 30 year period loan @ 4.5% would see repayments of approx $1,725 per month on borrowings of $340,000
At that rate without any extra payments you would owe $280,000.
If interest rates rise, you could quite easily refinance your position to maintain a repayment of approximately the same amount.
$280k over 30years @ 7% would equate to approx $1,770 per month.
Given that you have paid off extra over your 8 year life span you would be able to reduce your payments if rates rise!
You are in a good position to refinance your loan.
The above is not advice, just an example of how you can still meet your requirements.
