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6 stories in the last 60 days, newest first.
With interest rate pressures grinding on, Australian borrowers are openly debating how many more hikes households can absorb before forced sales surge. While cafes and shops remain busy, indebted mortgage holders report reaching their financial limits.
Prospective homebuyers navigating higher mortgage rates are testing vendors by submitting offers well below guide prices on stale listings. While buyers worry about offending vendors, market analysts argue realistic bidding simply reflects current borrowing constraints.
Home hunters navigating high interest rates are facing frustrating tactics, such as vendors rejecting offers well above advertised guide prices. Market participants report sellers holding unrealistic expectations are increasingly forced to accept lower bids after months on the market.
With ongoing interest rate rises, persistent living costs and rising redundancies across banking and tech, Australians are actively planning defensive financial moves. Many household budgets are shifting towards cutting discretionary expenses and building up cash buffers.
Digital lender Up Bank announced it will raise its Grow savings account rate from 5.60% to 5.85% p.a. starting 12 November for balances up to 50,000. Customers still need to make five monthly card purchases to unlock the bonus rate, while its base Flow account remains steady at 2.00%.
The Reserve Bank lifted interest rates to 4.85 per cent this week, marking an 18-year high. Deputy governor Andrew Hauser acknowledged that Australians are losing confidence in the central bank’s near-term ability to pull inflation back to target as high living costs bite.
