Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

New wave of borrowers heading for mortgage stress

Staff Reporter 1 minute read

Australia is expected to experience a significant rise in mortgage stress as a wave of borrowers move off their fixed interest rate period over the coming six months.

Advertisement
Advertisement
Mark Bouris, chairman of Wizard Home Loans, said in The Australian today that anecdotal evidence suggested that a large number of borrowers who took out loans at a honeymoon rate of 6.5 or seven per cent two years ago would soon be forced to move to a variable or fixed interest rate of around nine per cent.

With higher food and oil prices to contend with, Mr Bouris recommended that some borrowers might do best to “accept reality and sell their homes why they still maintain control”.

Published: 01-07-08

New wave of borrowers heading for mortgage stress
default
TheAdviser logo
default

TODAY'S POLL

View results >

Who do you aggregate through?

Thank you for your vote, you can see the results here.

more from the adviser
digital Brokers cite refinancing as key profit driver

The vast majority of brokers believe that refinancing clients is ...

2017 09 031 Mortgage-holders explore refinancing amid COVID-19

New research has revealed that the majority of mortgage-holders b...

cash money rolls Funding offered for SME financial wellbeing projects

A major bank’s investment vehicle is offering $150,000 to entre...

FROM THE WEB