3 Mar 2023

More pain on way for mortgage holders

From Nine To Noon, 9:05 am on 3 March 2023
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Photo: Flickr

More pain is in the pipeline for many mortgaged homeowners, as their loans roll over to much higher interest rates than before.

Almost half of all fixed-term mortgages will come up for refixing within the next 12 months.

Westpac's acting chief economist Michael Gordon says for some mortgage holders this could mean increases of nearly $1000 a fortnight. 

Interest rates are at their highest levels since 2008 as the Reserve Bank tightens monetary policy to bring inflation down.

Meanwhile latest data from credit bureau Centrix shows that mortgage and arrears have risen sharply.

Kathryn speaks with Westpac's Michael Gordon and Centrix managing director Keith McLaughlin.