Mortgage stress is on the rise, with levels now double what they were pre-COVID.
– now face a double whammy.
People are also shopping around for cheaper interest rates, with the latest ABS survey showing both new lending and the amount of refinancing in the market has fallen as more people end up trapped in so-called “mortgage prisons” by falling property values.new home loans approved in September fell 8.2 per cent, or by $2.26 billion,
“wagyu and shiraz” made famous in Westpac’s case against the regulator arguing that customers can cut down on excesses to meet repayments in times of rising stressNevertheless, the message from the banks, which exercised patience during COVID-19 and worked with customers in hardship, is for those struggling with repayments to reach out early.
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