More than one in eight homeowners have missed a monthly mortgage repayment in the past six months, according to a new Finder survey, which was carried out beforeA significant 13 per cent of the 313 people surveyed with a mortgage said they had missed a repayment since July.The RBA has hiked interest rates for nine consecutive meetings after earlier alluding that rates would not increase until 2024.
Six per cent said they had missed more than one repayment, while more than one in four said they were worried they would miss a repayment in future. Finder home loans expert Richard Whitten said the level of mortgage stress in Australia was worrying. “Nine consecutive rate hikes from the RBA means an Australian with the average loan size of around $600k will be paying roughly $1000 more per month compared to what they were paying in April last year," he said.READ MORE: One in seven survey participants said they thought they will miss a repayment in the next six months if costs rise any further.
Beat up. Rates were 14% in the early 90s when my partner and I got our first mortgage. We paid it off.
The big plan is to force Australians to sell thier homes an rent it back from the banks an major investment companies that get greatly reduced interest rates. Its already happening in the US
Thanks captain obvious.
And big business rakes in record profits.. its sickening
If you can't afford a loan based on 5% plus then that's your fault for borrowing so much based on your wage.
I like the comments from the holier than thou smug group saying you should have prepared for it. Hard to prepare for a big hit like that in such a short period. Especially when the bank initially said otherwise and people made life decisions based on that.
They voted the clown into federal government.
2020 Labor like talking about in house battery manufacturing saving energy , make in Australia, better living condition, house for all... Now feel the heat.
This will end up in total disaster
albo is ready to sell those homes with already deals with India. Knowing he has made it impossible for Australians!
But AlboMP letting how many refugees, and yet the average Australian cannot even afford housing
they might have to live within their means
Everyone knew they'd go up eventually and too many overstretched themselves. This was inevitable.
Thank you USA
Yes. Homelessness versus perpetual sausages and mincemeat.
We need their energy bills to go up to & only then can they feel the true impact of “ progressive “ change. FYI inflation is well over 8%
That just goes to show how completely unprepared the the reserve bank is. The boss needs to lose his job