Half of all homeowners couldn't handle a $23 per week increase in mortgage repayments

In startling findings from DomainFax, over half of all homeowners couldn't accommodate a small $50 per fortnight increase in their repayments if interest rates were to increase.

Key findings:

• A nationwide survey found 54 per cent of borrowers do not think they could handle a repayment rise of more than $23 a week.
• Worse still, almost a third (31.83 per cent) did not think they could pay more than $50 extra a month – about $11.50 extra a week.

“It would only take a few interest rate movements for 1.5 million people to lose grip on their home loan repayments” Ms Hassan said.

If you are worried about money, budgeting and your financial position, we urge you to seek professional help.

Source: DomainFax