Business
Loosening the mortgage belt: household interest payments at a 35-year low – Sydney Morning Herald
The share of household income being used to pay interest on debt has fallen to the lowest level in 35 years.
AMP Capital chief economist Shane Oliver estimates the fall in interest payments as a share of disposable income is injecting about $9 billion more into the household sector each quarter compared with two years ago. That in turn has supported consumer confidence and spending, he said.
Many borrowers have used savings from lower interest payments to reduce debt. The Reserve Bank says substantial payments were made into mortgage offset and redraw accounts between March and December last year. This…
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