Last year’s record-breaking run of rate rises has hit households hard, and they are even more likely to fall behind with every future interest rate rise.
In Sydney, 0.63 per cent of home loans were more than 30 days overdue by December, data from illion found.
Ahead of the Reserve Bank’s interest rate decision on Tuesday, when another hike is expected, illion head of modelling Barrett Hasseldine said the number of households falling behind on mortgage repayments has been on the rise for four months. “This puts a lot of pressure on everyone but most of all it puts pressure on households that don’t have a monthly surplus of household income,” he said.
Home borrowers have been busily refinancing to deal with rising rates, and the value of housing refinancing hit $19.1 billion in December, ABS figures showed, second only to the all-time high the previous month. He said younger Australians who bought their first home earlier in the pandemic would feel the pinch, as would regional areas.
Regional areas have lower income levels than the cities and less job security, leaving them a little more vulnerable, he said.
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