As hundreds of thousands of Australian mortgage holders brace for a steep hike in their repayments, there are calls for lenders to better explain to prospective borrowers the risks of interest rate rises or other changes to their circumstances.
The couple rely on Katy's salary to service the mortgage because Annette cannot work due to chronic pain and other health issues.
"[Banks] really need to sit down and explain to you what the repayments would mean … and make sure that you understand that you're taking a gamble, and if they go up higher, you'll lose your house unless you want to start cutting expenses to the point where you can afford it," Katy says.
"Historically, rates have never been [that] low. They might not have been able to see the speed at which it went up, but it doesn't take a genius to know that interest rates can go up and down," Katy says. Calls to the helpline nationally have exploded, with 8,000 more calls this year compared to this time last year. In March, the number of calls was up to 37 per cent higher than at the same time last year.
Another organisation, South East Community Links, services the multicultural mortgage belt of Melbourne.
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