‘Captive’ borrowers should be prepared for an average variable home loan rate of close to 9 per cent, mortgage brokers have warned
Mortgage holders may be forced to sell if they can’t refinance to a lower rate. Picture: Gaye Gerard.
Mr White said while a 3 per cent buffer made sense when interest rates were at record lows and thus likely to rise significantly, a smaller buffer was more appropriate in the current environment.“A buffer of 1.5 to 2 per cent is far more appropriate today and in the near future.” “More borrowers are becoming ‘mortgage prisoners’, locked into a situation where they can’t access a better deal because they don’t meet the inflated assessment rate.”
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Mortgage brokers threaten war against NSW government over payroll taxNSW Premier Dominic Perrottet could be targeted by the state’s mortgage brokers over a push to force aggregators to levy payroll tax on commissions to brokers.
Read more »
CBA, NAB lift some mortgage rates outside RBA’s cycleThe two banks moved standard variable interest rates higher for some new customers ahead of official rises, as analysts question mortgage profitability.
Read more »
Two major banks lift mortgage rates ahead of RBA's announcementTwo of Australia's largest banks have raised fixed home loan interest rates as Sky News Australia Political Editor Andrew Clennell speaks to one of several homeowners in Kogarah feeling the financial pain.
Read more »
Finland starts building fence on Russian border as MPs prepare to vote on Nato bidConstruction begins on fence along part of 1,340km boundary amid fears Moscow could weaponise mass migration against Helsinki
Read more »
Cycle to a city five hours away or lose JobSeeker support? This is the dilemma Oliver says he facedUnemployed Australians say service providers are making unreasonable demands and failing to prepare them for work.
Read more »
Australian professor taken hostage returns home after week in captivityA well-regarded Queensland professor has touched down in Australia and reunited with his loved ones after a frightening week held hostage.
Read more »