In an economics report released today, Commonwealth Bank announced its forecast for a recession in 2023 as Reserve Bank rate hikes finally catch up with consumer spending.
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The Reserve Bank’s war on inflation has caused the property market to plummet at the fastest pace on record over the last year, with Australian home values shedding -8.40% since their May 2022 peak.
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Aussies who fixed their mortgages back in 2020 have benefited from low interest rates for almost three years. But with many fixed terms set to expire soon, borrowers will have to adjust to a massive jump in monthly repayments.
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New research from Roy Morgan reveals that if the Reserve Bank of Australia hikes rates again in December, it could put a quarter (25.1%) of home loan borrowers at risk of mortgage stress.
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Reserve Bank governor Philip Lowe has apologised to the thousands of Australians who believed him when he said interest rates wouldn’t rise until 2024 and took out home loans they are currently struggling to repay.
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2022 has been the year of inflation. From May to November, the Reserve Bank of Australia delivered 275 basis points worth of rate hikes, the consequences of which have been deeply felt by home loan borrowers, especially those with the Big Four banks.
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Buying a house is one of the largest financial commitments most Australians will make, yet new research reveals that we do more due diligence when choosing a mobile phone plan than a home loan.
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More Aussies are looking for greener alternatives in home ownership in 2022, and now more lenders are offering competitive home loans with a focus on the environment.
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Starting early next year, New South Wales first-time home buyers will have the option to pay an annual land tax instead of the one-off stamp duty.
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Higher borrowing costs have taken a large bite out of property prices in recent months, and with more rate hikes to come we likely haven’t seen the bottom of this current downturn.
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