Alarming number of Sydneysiders unable to repay their mortgage
New research indicates nearly 90 per cent of homeowners suburbs like Campbelltown and Mount Druitt can’t afford their mortgage repayments.
True Savings founder Pete Steel told Clinton Maynard the research is “sobering [and] alarming”, but reflects the squeeze most Sydneysiders are feeling.
“The regulators make the banks test at higher interest rates, so there’s some buffer allowance in there for increasing the interest rates.
“But I think many families … are already struggling, and they’ll continue to struggle.”
He urged all listeners to seek out the most competitive rate for their home loan, and be wary of cashback offers.
“Our research also shows … about $3.6 billion every year we waste on being on uncompetitive interest rates.”
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