, one in five homeowners now admit they have borrowed too heavily on their mortgages, a new survey has revealed.
In a matter of months, the average home loan rate almost doubled last year – from 3.45 per cent in April to 6.15 per cent in November, research from Finder showed.Thousands of mortgage holders face a massive spike in monthly repayments when their fixed rates expire this year. Many homeowners are now buckling from an annual increase in payments which have leaped from $26,772 to $37,536 in just eight months.
Finder's survey of 310 mortgage holders found a worrying 21 per cent of homeowners, or 693,000 households, said they haveYounger property buyers were the hardest hit, the research showed, with one in four Gen Z buyers saying they had borrowed too much.
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