Never So Much Interest in Interest Only
/The dust now appears to be settling after the latest round of interest rate volatility which we have seen during the course of the past 4 months. All major lenders have made dramatic changes to interest rates and lending criteria for new and existing borrowers preferring interest-only loans. How should borrowers respond?
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Loanscape has today released its Borrowing Capacity Index for Q2/2024. It shows that the borrowing capacities of Australian individuals and families have stabilised after the sharp decline over the past 2 years. Lower income borrowers continue to be disproportionately impacted by interest rate increases: the family income required to qualify for the average size loan in Australia is 35% higher than 2 years ago.