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Many Australian borrowers are ahead on their mortgage repayments, and this should cushion them from a hard landing as interest rates rise, according to Shayne Elliott, chief executive officer at major Australian bank, ANZ.
The Reserve Bank of Australia has hiked the official cash rate six times in a row this year to 2.6%, forcing up mortgage rates from lows of around 2% to about 5% to 6%. The housing sector in Australia is set to bear the brunt of higher interest rates as the central bank fights inflation.
Elliot told CNBC’s “Squawk Box Asia” on Thursday that many borrowers would be able to weather these changes, citing that about 70% of ANZ’s customers with variable rates had…
Source cnbc.com
