Business
Welcome to the big mortgage squeeze – MacroBusiness
Australia’s mortgage market is experiencing a strange duality. On the one hand, borrowing has never been cheaper. Mortgage rates have collapsed to record lows and there is a rush of existing mortgage holders to refinance to a cheaper rate: On the other hand, …
Australia’s mortgage market is experiencing a strange duality.
On the one hand, borrowing has never been cheaper. Mortgage rates have collapsed to record lows and there is a rush of existing mortgage holders to refinance to a cheaper rate:
On the other hand, the flood of applications to refinance has caused processing bottlenecks at banks, pushing new borrowers to the back of the application queue.
Moreover, with widespread unemployment and falling household incomes, banks have also become in…
