RBA August rate decision: Staggering amount of Aussies may be forced to sell if RBA delivers rate hike next month
Australian homeowners face significant financial pressure as a potential interest rate hike by the RBA could force hundreds of thousands to sell their properties. Financial experts advise struggling mortgage holders to explore hardship programs before resorting to a sale.
Why it matters
Rising interest rates and cost-of-living pressures are creating a housing affordability crisis that threatens the financial stability of many households.
- 6.55am . First published at 4.11am
shares Share article Hundreds of thousands of mortgage holders could be forced to sell their homes in a declining property market if the Reserve Bank hikes rates next month.
Australian homeowners are already nearing breaking point and a potential interest rate increase in August is likely to be the death knell for those already struggling to keep up with repayments.
Hundreds of thousands of owners could be forced to put their home on the market after the RBA’s meeting next month. Peter Rae
Penny was delivered a $140,000 blow after Sydney house prices took a dive A rise in interest rates next month could force nine per cent of all property owners – up to 290,000 households – to sell up, according to research from Finder.
Another eight per cent admitted it would take just two more rate hikes to force their hand.
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