Westpac will ease the stress test for borrowers looking to refinance so they can avoid 'mortgage prison' and an even more dramatic increase in monthly repayments. Australia's 880,000 homeowners who secured ultra-low, two per cent fixed rate mortgages during the Covid-19 pandemic face a 65 per cent surge in their monthly repayments when their two-year period expires in 2023. That …
Australia's big four banks — ANZ, CBA, NAB and Westpac — now hold a whopping $1.87 trillion in home loans. Throughout 2021, as Australian house prices skyrocketed, Australians kept on taking bigger mortgages — many worth more than six times their income — pushing up the profits of the big four banks. In the year to March 2022, EY says …
A mortgage time bomb is threatening almost 900,000 Australian home borrowers who are behind on their repayments - and it could get worse from next month. Despite interest rates being at a record low of 0.1 per cent, 31 per cent of Australians with a home loan are in arrears, a survey by financial comparison website Finder found. Pictured is …
