An alarming amount of mortgage holders are resorting to drastic measures, including selling their homes and personal belongings to cope with the financial strain of rising home loan repayments. Almost half of Australian mortgage holders have considered selling their home, personal items, valuables, investments, car or business to offset theContinue Reading
Three-quarters of Australian home loan holders are worried about their mortgage repayments in the face of multiple “aggressive” rate hikes, a new report has revealed. The findings by finance research institute Mozo paint a bleak picture for families struggling to make ends meet, with many unaware of key details ofContinue Reading
Treasurer Jim Chalmers is facing criticism for remarks made in an interview about the cost-of-living crisis and painful pressures facing millions of Australians. Speaking with veteran political commentator Michelle Grattan for her podcast on The Conversation, Dr Chalmers implied those struggling will have to wait until next year for relief.Continue Reading
Since the RBA began raising interest rates back in May last year, the issue of interest rates has rarely been out of the headlines. Not since the days of 17 per cent mortgage rates in the late 1980s and early 1990s has monetary policy been such a lightning rod ofContinue Reading
Research from Canstar has found Australian mortgage holders need to work 3.6 weeks every month in order to cover the nation’s average home loan repayment. The financial comparison website found homeowners repaying the average loan of $584,836, and earning an average annual salary of $72,000, need to work 135.34 hoursContinue Reading
The Reserve Bank has offered millions of Australian mortgage holders a brief reprieve, deciding to leave the cash rate at 4.1 per cent for the time being, sparking warnings further hikes could be needed soon. While still at its highest level since April 2012, inflation was trending downwards on aContinue Reading
The Reserve Bank of Australia (RBA) has lifted the official cash rate by 4.0 per cent in only 13 calendar months, which is the steepest and largest monetary tightening in the nation’s history. According to independent economist Tarric Brooker, the RBA’s rate increases have lifted mortgage interest repayments an unprecedentedContinue Reading
Reserve Bank of Australia executives have warned there are significant risks to remaining on the tightrope the central bank is walking in its mission to curb inflation without tipping the nation into a recession. The minutes from the RBA’s June board meeting, published on Tuesday, revealed its members believe theContinue Reading
It feels like Groundhog Day for Australian mortgage holders, with the Reserve Bank of Australia (RBA) on Tuesday twisting the knife further with another 25 basis point increase in the official cash rate (OCR) to 4.10 per cent. The move lifted the OCR to its highest level since April 2012Continue Reading
A leading finance expert has unleashed a scathing attack on the Reserve Bank of Australia’s (RBA) decision to hike interest rates for an 11th time, labelling the move a “slap in the face” for mortgage holders. On Tuesday, the cash rate was increased by another 25 basis points, bringing itContinue Reading