Australia’s Mortgage Crisis: More Than One Million Homeowners Are Set to Default on Their Mortgages in the Next Two Months

Published in

Almost one million Australian homeowners are set to default on their mortgages in the coming months, an independent analyst warns. Digital Finance Analytics principal Martin North explained that if the big four banks do go ahead and increase their standard variable rates by as little as 0.15 percentage points over the next few months, homeowners could default, the Daily Mail reported. A number of Australian banks have already begun the process of raising their interest rates, ABC News reported. Mr North told ABC News rate rises were almost a certainty, while Aussie Home Loans chief executive James Symond fears potential borrowers will be 'locked out' of obtaining a mortgage. Read more. (Subscription required.)