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Record number of Australians at risk of mortgage stress as RBA interest rate rises bite
(www.theguardian.com)
this post was submitted on 28 Aug 2023
33 points (100.0% liked)
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This is the best summary I could come up with:
The figure surpasses the previous highest number of people experiencing mortgage stress: 1.46 million in the three months to May 2008 at the height of the global financial crisis.
The new research from Roy Morgan also showed mortgage risk will increase further if the Reserve Bank raises interest rates again in September.
After a year of rate rises by the RBA, there are 640,000 more households at risk of mortgage stress compared with the same period in 2022.
To be considered extremely at risk, mortgage holders have to pay a certain portion of their income on interest repayments alone.
Roy Morgan predicted that if the RBA increased interest rates by 0.25% in September 2023, 81,000 more mortgage holders would be considered at risk.
“Therefore, although many have suggested the RBA has finished its cycle of interest rate increases, the low Australian dollar, and high petrol and energy prices adding to inflation, may force their hand for further interest rate increases in the months ahead.”
The original article contains 483 words, the summary contains 164 words. Saved 66%. I'm a bot and I'm open source!