a greater rise in distressed sales by now after the cash rate jumped to 4.1 per cent and home owners who took out ultra-cheap fixed-rate loans began to roll off, facing thousands extra in repayments.
The latest SQM Research data shows distressed listings have been trending down nationally but the picture varies by state. Christopher said help from the banks, and a low unemployment rate of 3.7 per cent, were helping owners to pay the mortgage. The Australian Banking Association said almost 650,000 mortgages worth $376 billion were refinanced in the last financial year, the highest rate of refinancing ever.
Calls to the National Debt Helpline have jumped by 28.5 per cent between January 1 and September 3, compared to the same time last year, figures from Financial Counselling Australia show. “People are definitely concerned about where the economy’s headed generally, especially if unemployment loosens up,” Landahl said. “They hope rates don’t rise again, but people do think there’ll be another rate rise.”
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