Millions of Aussies hit by $60 billion mortgage blow
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Almost a quarter of Australian homeowners are concerned about having to sell their properties due to cost of living pressures, as a new report revealed rising interest rates have cost mortgage holders a collective $60 billion in less than two years. According to a survey by financial comparison service Compare the Market, 21 per cent of homeowners have sold or are worried about having to do so. The company's economic director, David Koch, said it was the result of millions of people falling off the fixed rate cliff - having their fixed-rate mortgages expire and roll over to higher variable rates. However, he said it would be unlikely for all of those concerned homeowners to actually end up selling. "Many people's savings buffers have been depleted, and now they're struggling to meet repayments," Koch said. "But a forced sale is really the last resort - most homeowners will fight tooth and nail to hold onto their properties. The survey comes as fellow comparison service Mozo released a report into the total cost of the Reserve Bank's string of interest rate rises since May 2022. It found the 13 hikes have cost Australian homeowners a collective $60 billion in increased mortgage repayments in less than two years - or roughly $3 billion a month. "In comparison to other economies, Aussies really feel the pinch of every cash rate hike, and this can be seen in the exorbitant amount of interest now being paid on mortgages down under," Mozo banking and rates expert Peter Marshall. The Reserve Bank will hold its next meeting on interest rates on Monday and Tuesday. "It's highly unlikely the RBA will hike the cash rate for a 14th time, but they'll certainly be indicating the risk of a hike in their statement next Tuesday," Marshall said. "Announcing the risk of another rate hike is part of the effort to produce the same consequences, without having to actually hike the cash rate again, as the RBA won't want to increase the cash rate unless it's really necessary." FOLLOW US ON WHATSAPP HERE: Stay across all the latest in breaking news, celebrity and sport via our WhatsApp channel. No comments, no algorithm and nobody can see your private details.