Mortgage stress has some Australians bracing for a new year of budget pain
https://amp.abc.net.au/article/101754182Mobaraka Mohammadi says she works 12 hours a day just to make ends meet and pay off her mortgage.
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Mortgage broker Gracious Chidhakwa told the ABC some households had already started missing their repayments, and she warned the full effect of the rate rises would not be felt for some time yet.
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Ali Kawser, mortgage broker and owner of AK Home Loans based in the west of Melbourne, told the ABC that some aspiring home owners who secured house and land packages last year did not want to proceed.
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David Lin is anxiously watching Australia's mortgage rate rises and considering whether he will have to take up another job soon.
Mr Lin, a Melburnian in his 30s, had his mortgage rate fixed before the pandemic but that will expire next year, meaning if rates stay where they are, he could be forced to pay an extra $300 to $400 every month.
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Founder and chief executive of Financially Empowered, Grace Mugabe, said the cost of living crisis and rising interest rates were hitting most people hard, particularly culturally and linguistically diverse (CALD) Australians and migrants.
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What's you point with all of this, old boy? The fact that these people warning of the now evident housing crisis are