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“One in five home loan customers won’t be able to meet their repayments if interest rates rise”
News is coming in from the Reserve Bank of Australia that echoes the concerns of bankers and lenders in the United States.
Analysis from financial services firm Canstar quizzed more than 700 Australian borrowers and found about one in five existing mortgage customers (17 %) won’t be able to afford one rate rise of 25 basis points when it happens.
“With the first Reserve Bank cash rate rise in more than seven years tipped to happen in 2018, anyone with a home loan who is already feeling the pinch or thinks that an extra $50 to $100 a month would be a stretch needs to act now,’’ she said.
“The first step is to build a financial buffer into your repayment plan by cutting back on your spending.”
“If you haven’t already, approach your bank for a better rate or consider switching in search of a better deal.”