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…
-
General16 hours agoClean-up underway after stormy weather hits, 400 calls for help in Sydney
-
Noosa News18 hours agoFeral pigs devour 99 out of every 100 lambs on this Central West NSW farm
-
General5 hours agoOsborne Park Football Club suspended for two years after Stephen Hawking costume controversy
-
General7 hours agoMelbourne Cup five quick hits: Melham magic, Blake Shinn falls, and concern over blood from Half Yours’s mouth