๐๐ผ๐ฟ๐ฟ๐ผ๐๐ฒ๐ฟ๐ ๐๐ผ๐ฝ๐ถ๐ป๐ด ๐๐ถ๐๐ต ๐๐ถ๐ด๐ต๐ฒ๐ฟ ๐๐ป๐๐ฒ๐ฟ๐ฒ๐๐ ๐ฅ๐ฎ๐๐ฒ๐
Despite the sharp rise in interest rates since 2022, โthe vast majority of households continue to service their debtsโ and make their loan repayments on time, according to the Reserve Bank.
The Reserve Bank said lenders โhave reported that borrowers have been more resilient than expected in their ability to service their debtโ.
Why? According to the Reserve Bank, there are three main reasons that households have been able to cope with higher interest rates:
1. The strong job market has supported incomes, with a record share of the population now in work.
2. Many households have reduced their spending, particularly for discretionary purchases.
3. Some households have been able to draw on the large savings buffers they accumulated during the pandemic.
Subiaco finance brokers are here to help
Interest rate rises are here, but you donโt have to fear with the right broker on your side.
The team at Sonam Capital are here to empower you through financial knowledge. Weโll take the time to get to know you and your unique situation and speak in a language you can understand, with strategies you can implement for the best possible outcomes.
Nick, Wayne and Amanda at Sonam Capital are your Subiaco finance specialists.
