loan repayments are hitting households harder than ever, taking up a bigger portion of household income. It's since the cash rate increased from 0.1 per cent to 4.
loan repayments are hitting households harder than ever, taking up a bigger portion of household income. It's since the cash rate increased from 0.1 per cent to 4.1 per cent throughout much of 2022 and the first half of 2023. While some people initially avoided rate hikes with low fixed interest rates, hundreds of thousands of Australian households will bear the brunt of their fixed term rates expiring in 2023 and 2024.
"So what this means is that the industry benchmark for what is classified as mortgage - the standard ratio for identifying mortgage stress - is around 30 per cent. So that actually shows just how many homeowners there are out there now in Australia who are kind of bundled up in this bucket of being under mortgage stress."
"If you're in a position where your position's not totally stressed, refinancing to a lower priced loan. If you're already in a highly stressed financial situation, refinance is probably not going to be available to you because a new lender is not going to say sure we'll take on your higher risk loan.
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