The era of rate hikes is far from over. Unusually for the Reserve Bank of Australia, last month’s cash rate announcement and meeting minutes flagged the board’s intentions to announce more rises in the coming months, all to curb runaway inflation that has yet to slow down.
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The threat of ‘mortgage prison’ has been bearing down on Aussies in the wake of continued interest rate hikes and tightening economic conditions. However, many borrowers still have a chance to avoid this trap.
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As interest rate hikes continue to pressure household budgets, more borrowers are beginning to feel the pinch with most doubtful that the pressure is going to let up anytime soon.
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Australian property sale settlements have almost doubled over the last 4 years according to new information from data research firm, PEXA.
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Pressure is building on more Australians after yet another hike in the cash rate was announced by the RBA. To make matters worse, according to a report by fintech Otivo , more than 100,000 Australians are set to fall victim to mortgage stress with the wealthiest suburbs set to be hit with the brunt of it.
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Digital lender ubank, a subsidiary of NAB, is now offering new home loan customers and refinancers up to $5,000 when they sign up — among the most generous cashback offers from lenders we track.
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The length of your mortgage is perhaps something you’ve put on the backburner, along with how much your energy bill will come to after this humid summer and whether you might be overdoing it with too many streaming services.
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Last Updated: 13 February at 11:30am
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For several years, borrowers enjoyed enjoyed historically low mortgage rates. But a series of steep interest rate increases by the Reserve Bank of Australia beginning last year now has us looking at a much different picture.
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The nation’s borrowers are feeling the pinch as the Reserve Bank’s war against inflation translates to higher home loan rates. But just how high are rates — and your mortgage repayments — expected to go?
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