... 🏠, is there are a mortgage cliff coming?

Published: Sat, 02/18/23

Hi ,

With the RBA raising interest rates yet again last week, I'm hearing the whispers growing louder. People are talking about a looming mortgage cliff.

Whilst we enjoyed several years of record low interest rates, many home owners chose to fix their mortgages. They effectively locked in that lower rate for 1-3 years, some even longer.

However, many home owners are now facing the challenge of their fixed rate mortgages ending. When this happens, their monthly mortgage repayments will jump significantly.

And that is the mortgage cliff. RBA's own internal data research shows that if the official rate hit 3.6 percent, just over half of all home owners on variable mortgages would see a 20%+ reduction in spare cash flow, IE, cash leftover after their mortgage is paid.

With the most recent interest rate hike, we are not sitting at 3.35%. I suspect some belts will be being tightened even further as we move into 2023.

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What our happy clients have to say...

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"We're first home buyers and were feeling quite intimidated and nervous about entering into the property market but Wendy has been a fantastic support and I would thoroughly recommend her services."

Mel

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Wendy's Tips

"Now in Victoria, settlements are done electronically using a system called PEXA. What I have noticed across the last 12 months is what you are required to do before a settlement is different. If you have purchased or sold a property recently and settlement is coming up, the likelihood is that you will receive a notification from PEXA sent by your legal representative. It is important to make sure that you have actioned the tasks are on that platform well in advance of your settlement date. So, it's things like making sure that you've updated the bank account details to receive your funds if you have sold your property, or where the funds are available to draw from, if you have purchased a property."

Wendy Chamberlain, Buyer's Advocate

Wendy in the media

In 2022, Wendy spoke with Elizabeth Redman about auctions and the impact they are having on the housing market.

Read article here

Where is Wendy speaking next?

Wendy Chamberlain has been invited back as a guest speaker for Midday Panorama with Vilma Formosa in 2023. Dates to follow soon.

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What are your plans for 2023 and buying or selling a home? Whatever they may be, we are here to help.

Reach out on 03 9686 2288, book a time to chat here or send an email to [email protected] and we can make a time for a connection call to explore your plans.

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With gratitude,

GPO Box 2000
Melbourne VIC 3001
AUSTRALIA

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