by Boo_Randy
You are not a “homeowner” until the last mortgage check clears. These Australian debt donkeys who bought into one of the world’s most insane housing bubble courtesy of the RBA are royally screwed.
Australian homeowners could be scrambling to find an extra $1000 to $2100 to make their monthly mortgage repayments, with chilling predictions interest rates could skyrocket above 6 per cent next year.
The average variable interest rate could soar to 6.48 per cent by the end of February 2023, more than doubling since April 2022 and pushing up monthly repayments over this period by 50 per cent, Canstar analysis found.
The big four banks have forecast an official cash rate above 3 per cent by the end of the year, with Westpac tipping it could be as high as 3.6 per cent by February 2023.