A finance expert has warned of a challenging year ahead for homeowners and new borrowers as the number of online searches related to refinancing doubles.
Mortgage prison and the fixed rate cliff – two home loan hazards that Aussies could be facing next year as interest rates rise and property prices fall.
A home loans expert has warned 2023 could prove a challenging year for homeowners facing higher loan costs and a drop in the value of their property.
Rate Money CEO Ryan Gair said borrowers who locked in a low fixed rate mortgage throughout the pandemic may find their repayments more than double once the term expires.
Mortgage prison and the fixed rate cliff – two home loan hazards that Aussies could be facing next year as interest rates rise and property prices fall.
A home loans expert has warned 2023 could prove a challenging year for homeowners facing higher loan costs and a drop in the value of their property.
Rate Money CEO Ryan Gair said borrowers who locked in a low fixed rate mortgage throughout the pandemic may find their repayments more than double once the term expires.
It comes as Google searches related to refinancing doubled in Australia in 2022 and the number of refinancing queries at Great Southern Bank increased by 26 per cent year-on-year.
To read the full article Click Here: https://www.news.com.au/finance/real-estate/borrowers-to-face-home-loan-challenges-in-2023-expert-says/news-story/13cdfe26dfef43b32f768c48ff5c158e
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