Rising interest rates and repayment crunch squeezes homeowners
Many householders are heading for a 'mortgage cliff' Source: Getty / CreativaImages
Home 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.
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