IF YOU’RE already starting to feel the mortgage pinch, this is bad news. New economic modelling shows mortgage defaults are set to rise over the next 12-18 months, and those who will be most affected will surprise you.
The research conducted by Digital Finance Analytics, based on its extensive household surveys, shows those falling behind in their mortgage repayments will continue to increase thanks to low wage growth and employment changes. This is despite record low interest rates.
This news follows a warning by Moody’s Investors Service that mortgage delinquencies have already hit a three-year high across the country.
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Paying off a mortgage is only going to get harder, especially for affluent young buyers and wealthy seniors.