The representative survey on rising interest rates and mortgage repayments determined that 21% of Australians are "feeling the pressure" on mortgage rake hikes.
With repayments tipped to increase even further, 38% of respondents indicated they will spend less and prioritise their mortgage to make ends meet. Furthermore, 1.7% of those surveyed went so far to say that would try to downsize their homes.
Commenting on the increasing pressure of rate rises, Savvy spokesperson Adrian Edlington says, “People are willing to tighten belts and go without to prioritise the mortgage, which is exactly what the RBA wants to see but is a harsh reality for families doing it tough."
And tough it is...
“If rates continue to rise, scrimping and saving to fund the mortgage has an end point. With reports saying that consumer confidence has hit another near historic low last month, we can only hope that three percent cohort who are missing repayments doesn’t increase as time goes on," he continued.
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