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 of their loan.
“Australians are essentially pouring thousands down the drain by not knowing their home loan rates. It’s like driving with your eyes closed. “A home loan is decades of debt, and interest on loans is calculated daily, so even the smallest difference in rates can save you hundreds of dollars a month,” she said.
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