A pause in rate rises is welcome news for Melbourne home loan borrowers,but many are slashing spending as 12 increases since last May take their toll.
About 500 Victorian households are at risk of falling behind on their mortgage with every extra Reserve Bank rate rise,and in some suburbs one in 40 borrowers is already late.
Interest rates went up again this week,so where can an average household buy a home without being crushed by the mortgage repayments?
For Maurice,a frozen dinner of tuna mornay is ‘lashing out’ as soaring interest rates make it harder to put food on the table and fuel in the car.
Like many buyers,the Jamiesons thought they would have more time to start paying down their mortgage before interest rates rose in 2024. After the fifth consecutive interest rate rise,they’re facing tough decisions.