The Reserve Bank has delivered its ninth consecutive rate hike, raising the cash rate by 25 basis points to 3.35% – a move that Tom Forrest, Urban Taskforce CEO, said has “added more stress to the housing supply and affordability crisis” and demands a swift response from the government to deliver more housing, especially in NSW.
“With typical mortgage rates now around 6% and set to climb even higher, many families were entering into the ‘red zone’ of mortgage stress where the percentage of after-tax household income required to meet repayments was above 30%,” Forrest said.
Click here to read the full article on The Australian Broker website.
