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Australia is expected to experience a significant rise in mortgage stress as a wave of borrowers move off their fixed interest rate period over the coming six months.
Mark Bouris, chairman of Wizard Home Loans, said in The Australian today that anecdotal evidence suggested that a large number of borrowers who took out loans at a honeymoon rate of 6.5 or seven per cent two years ago would soon be forced to move to a variable or fixed interest rate of around nine per cent.
With higher food and oil prices to contend with, Mr Bouris recommended that some borrowers might do best to “accept reality and sell their homes why they still maintain control”.
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Published: 01-07-08
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