Australian Borrowers Should Prepare for More Mortgage Stress in 2023: Lending Experts
Lending and mortgage experts have warned Australian borrowers to prepare for steeper interest rate hikes, and more mortgage stress in 2023 as many homeowners have shown signs of struggling.
Australian mortgagors had a tough year in 2022 as they witnessed the Reserve Bank of Australia (RBA) lifting the official cash rate from the historic low of 0.1 percent in May to 3.1 percent in December.
While the rate rises were of the fastest pace in decades, the RBA is unlikely to put a brake on its monetary tightening any time soon as it flagged more potential rate rises in the new year to curb inflation in the December meeting minutes….