Australians Struggle to Maintain Mortgage Repayments Amidst Cost of Living Crisis and Rising Interest Rates
Sydney, July 26, 2024 — As Australia grapples with an escalating cost of living crisis and a sharp increase in interest rates, many homeowners are finding themselves in precarious financial positions, struggling to keep up with their mortgage repayments. In recent months, the Reserve Bank of Australia (RBA) has implemented a series of interest rate hikes in response to persistent inflation. The official cash rate has surged to its highest level in over a decade, placing additional strain on mortgage holders already reeling from rising costs across various sectors, including food, energy, and housing. For Sarah Thompson, a 38-year-old nurse from […]