The UN’s financial agency has confirmed what long-suffering Australian homeowners have been feeling over months of steep rate rises.
The International Monetary Fund has declared that Australia ns are the worst off homeowners in the world for one simple reason.
This is not the norm in the US where people can fix their mortgages for 30 years, or France where people can fix for 25 years, usually the entire term of their mortgage.Aussies are among the most vulnerable homeowners in the world when it comes to interest rate pain. Picture: iStockIt means that despite central banks hiking rates, many homeowners across the world have remained unaffected as they fixed their mortgages before the current interest rates went up.
The IMF said that countries like Australia and Japan, which also has a low proportion of fixed mortgages, are especially susceptible to changes in monetary policy. However the IMF say that Aussies really do feel the pinch worse than in other countries where in some cases interest rates are higher. Some economists have predicted that the RBA will cut interest rates in November, others say it will be next year.
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