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The postcodes where Australians can't pay off their mortgage have something in common - they are a long way from the city centre. Consumer group CHOICE has revealed the suburbs where borrowers can't meet monthly repayments despite the big banks offering fixed mortgage rates under 2 per cent. Digital Finance Analytics, which provided CHOICE the data for April 2021, defines mortgage stress as a situation where home owners can't meet their mortgage obligations - and not just spending a third of their income on their loan. CHOICE chief executive Alan Kirkland said borrowers in these outer subur...
Thousands of apartment owners in Sydney and Melbourne are expected to sell in the coming months, giving first-home buyers the chance to snap up a bargain. Fresh figures released by Digital Finance Analytics showed that more than 4,000 property investors across both cities plan to flood the market with units due to the mortgage repayment holiday ending in March. Financial regulators allowed lenders to give borrowers the option to pause mortgage repayments from March 2020 to ease the strain for those affected by the Covid-19 economic downturn. Investors have battled to fill units while Austra...
DNB earnings call for the period ending March 31, 2021.
Low fixed-rate mortgages have helped many first-home-buyers but they have also created an economic time bomb that could explode in three years. Westpac, Australia's second biggest bank, has revealed that between September 2020 and March this year, 32 per cent of borrowers fixed their mortgage rate. That was a dramatic rise from 23 per cent in the six months leading up to the onset of the Covid pandemic in March 2020. Since then, a higher proportion of Westpac borrowers have also fallen behind on their mortgage repayments despite the record-low interest rates. Westpac, Commonwealth and NAB a...