After recent interest rate rises, home buyers are finding their borrowing power reduced, impacting real estate affordability in Australia – money expert Effie Zahos joins Today to discuss.
0:00 Effie Zahos
4:04 Innovative home building in 2023
After eight consecutive rates hikes borrowers have found is that they have lost their borrowing power by about 26% or about $145, 000. Home buyer currently cannot borrow as much as they could prior to the rate hikes.
Homebuyers are feeling the effects of recent interest rate hikes, with their borrowing capacity taking a downward turn and resulting in reduced real estate affordability throughout Australia. As a result of these increasing costs, many prospective buyers are seeking assistance to help them through the process.
