Borrowers bracing for 63pc jump in mortgage repayments

[{"selector":"#anim-64bb173f-dbcd-41a7-a8c9-f49d62c4a2ce [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] FIXED-rate borrowers approaching the mortgage cliff could be about to see their repayments skyrocket by 63% overnight, as they absorb the... Read more

[{"selector":"#anim-c785acec-a150-46f8-bbd1-ceca63e918bb [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Australia’s biggest financial comparison site found that borrowers, whose two-year fixed rate loan taken out in 2021 at... Read more

[{"selector":"#anim-c495f303-29b2-4ee2-b049-1dc03cc9cb5f [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Similarly, borrowers who opted for a three-year fixed rate in 2020 and were locked into an average rate of 2.61% will soon face an estimated... Read more

[{"selector":"#anim-764b53c8-927b-4f44-97f5-0712d9ef0883 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(4.932693372218877e-15%, 2.5074219883873775e-7%) scale(0.8264462809917356)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] “Fixed rate borrowers with a loan due to expire this year should be checking their loan contract today to understand what rate they can... Read more

[{"selector":"#anim-c13324be-a975-4904-adb7-dd870b29461c [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] The Reserve Bank of Australia estimates $350 billion or half of all fixed rate home loans will expire this year, with these borrowers switching from... Read more

[{"selector":"#anim-2aab9f70-1668-4fa3-b16e-ec65bcc84e0b [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] NAB and Westpac are among those forecasting further cash rate rises in the coming months. BIS Oxford Economics us expecting interest rate... Read more

[{"selector":"#anim-eb17f3be-c27a-432a-a9dc-9d8ae35a06bd [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] “Fixed rate borrowers of two or three years ago are facing an unprecedented hit to their finances with their interest rate possibly... Read more

[{"selector":"#anim-1b0da32d-cedf-477c-b067-c1d1974bf696 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] “Fixed rate borrowers have not had the past year to acclimatise to higher interest rates. They have avoided the pain of adjusting their... Read more

Source: www.canstar.com.au – 26/06/2023. Average rates based on owner occupier loans on Canstar’s database, available for a $500,000 loan amount... Read more

[{"selector":"#anim-019adac0-c969-450b-971b-dae8e49822ce [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(4.932693372218877e-15%, 2.5074219883873775e-7%) scale(0.8264462809917356)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] To help cope with the inevitable higher repayments, any borrower with a fixed period still to run should be making the necessary adjustments now... Read more

[{"selector":"#anim-f5a17c35-9cd7-43cd-8a91-26a84370eafd [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Mickenbecker said the latest inflation numbers are encouraging and “probably enough to stay the Reserve Bank’s hand from... Read more

[{"selector":"#anim-679cb98a-adcd-416c-8da2-c18f797f2531 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] “The labour market is very tight with the lowest unemployment rate in decades, and this will feed wage pressure into the inflation rate... Read more

[{"selector":"#anim-befebed7-6ce7-46a8-bb66-e2cfc2368cc7 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Borrowers with a two-year fixed rate that is due to expire who have a loan-to-property value ratio (LVR) today of 80% could... Read more

[{"selector":"#anim-6a0cf9d2-c36e-4f4a-b2d9-41d5c303c6f4 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Fixed rate borrowers who locked into a four-year rate that is soon to expire and have been able to repay more of their loan and... Read more

[{"selector":"#anim-9195d2fd-3029-4d98-b6cf-388a33d63a71 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] “It’s likely that the rate borrowers will move to at the end of a fixed term will exceed today’s average variable rate... Read more

[{"selector":"#anim-e863534e-61fc-478c-bf89-9460d2b4eec5 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] “There will almost inevitably be better deals available with your current lender or a competitor. Now is the time to... Read more

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