Australia’s soaring interest rates have trapped ‘mortgage prisoners’ into crushing repayments

A growing cohort of pandemic-era homebuyers are also unable to refinance because they no longer meet lenders’ standards

• Get our morning and afternoon news emails, free app or daily news podcast

A growing number of Australian have become “mortgage prisoners” – trapped by crippling mortgages they are unable to renegotiate.

This growing cohort of pandemic-era homebuyers are unable to refinance because they no longer meet lenders’ standards after recent rate increases.

Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup

Continue reading...

from World news | The Guardian https://ift.tt/s0cZMYw