Interest rate rise would see almost half of Australian mortgage holders under financial stress

Interest rate rise would see almost half of Australian mortgage holders under financial stress
By: The Guardian Posted On: November 06, 2023 View: 10

Record level of stressed households projected as all but four of 39 economists in survey tip Melbourne Cup Day hikeGet our morning and afternoon news emails, free app or daily news podcastAlmost half of Australia’s mortgage holders would be in financial stress if the expected Melbourne Cup interest rate rise goes ahead, paying at least 30% of their income to service their loans.Households diverting at least 30% of their disposable income to service a mortgage – a standard stress gauge – will account for 48.5% of total borrowers, according to the Australian National University’s Australian tax and welfare system model. Continue reading...

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