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Homeowners Struggle with Rising Rates, Consider Loan Extensions
Description
Aussie homeowners, grappling with soaring interest rates and inflation, are considering mortgage extensions to manage payments. A survey reveals that thirty percent of borrowers would extend loans by one to three years if rates rise, while nineteen percent might revert to a full thirty-year term. The Reserve Bank is contemplating further cash rate hikes, exacerbating the situation. Lenders offer options like loan extensions or interest-only payments for up to three years, providing temporary relief but increasing future costs. Borrowers, particularly younger generations, are willing to trade short-term savings for long-term financial burdens.
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