Ok yeah, we have those loans (variable rate) here also. They're called ARM loans. You can get them for certain terms, but most are 5 years and then the rate is fixed at whatever the rate is after 60 months. People can get seriously hosed on those like you're experiencing, when the rate is low when the loan starts and then increases. Most over here choose Fixed Rate Term mortgages (10, 15, 20, 30 year).