A survey by Aussie found that more than half expect to go into ‘significant mortgage stress’ if the RBA cash rate hits 3 per cent.
More than one in six home owners have little or no clue how the lift in cash rates will impact on their budgets, while almost a third do not consider that the cash rate will increase at all when budgeting for a home loan, a new poll shows.
About a fifth of home owners with mortgages have no clue at which point the Reserve Bank of Australia’s cash rate will cause them “significant mortgage stress”. Of those who are aware, more than half expect to go into “significant mortgage stress” if the RBA cash rate hits 3 per cent. “With increased cost-of-living pressures, there’s no doubt this is a stressful time for many Australians, particularly mortgage holders,” Ms Sorrenti said.
Aussie found that only one in seven of the mortgage holders have taken action to review their home loan since the first cash rate rise.
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