{"id":36575,"date":"2022-01-23T09:31:38","date_gmt":"2022-01-22T20:31:38","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=36575"},"modified":"2022-01-23T09:31:38","modified_gmt":"2022-01-22T20:31:38","slug":"rate-rise-pain-for-one-in-five-homeowners","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/rate-rise-pain-for-one-in-five-homeowners\/","title":{"rendered":"Rate rise pain for one in five homeowners"},"content":{"rendered":"

PHOTO: Some Aussies have been preparing for rate rises.<\/strong><\/p>\n

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Even a modest $100 rise in monthly mortgage repayments would push close to one in five mortgage holders off a financial cliff, according to analysis by comparison site Finder.com.au.<\/p>\n<\/div>\n

The research showed small rate rises, the like of which are expected from banks throughout the year, would be unmanageable for hundreds of thousands of Aussie homeowners.<\/p>\n

Almost one in four (22 per cent) mortgage holders were already struggling to pay their mortgage repayments, according to Finder\u2019s Consumer Sentiment Tracker.<\/p>\n

Finder home loans editor Richard Whitten said higher mortgage costs would be felt immediately by many Aussie households.<\/p>\n

\u201cIt has been an extraordinary period of ultra-cheap mortgages, and some borrowers have got in over their heads,\u201d Mr Whitten said.<\/p>\n

\u201cMany Australians are on edge about a predicted rate rise \u2013 lots of these people are already struggling.\u201d<\/p>\n

A $100 increase in payments would tip 21 per cent of mortgage holders over the edge, the data showed.<\/p>\n

An interest rate rise has been widely predicted for 2022 \u2013 with 17 of the 37 experts and economists (46 per cent) polled by separate Finder research expecting a rate increase from the Reserve Bank in the coming year.<\/p>\n

Lenders have already begun to raise interest rates on fixed loan product independent of the RBA.<\/p>\n

That means a further squeeze on household budgets at a time of rising bills and Covid-19 cases.<\/p>\n

House prices rose nationally by 22.1 per cent in 2021, according to CoreLogic, with some capitals recorded even higher gains over the year.<\/p>\n

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House prices grew by an average of nearly 28 per cent in Sydney last year.<\/strong><\/em><\/div>\n

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