5 million+ mortgage struggle

As cash rate steady at 4.35%

New nationwide research released by ASIC’s Moneysmart reveals that 47% of Australian adults with debt, the equivalent of 5.8 million people, have struggled to make repayments in the last 12 months.

Alarmingly, the research revealed that:

> more than half surveyed, said they are not aware that they are entitled to ask their bank or lender for financial hardship assistance.

> just one in five said they had ever sought financial hardship assistance.

> Around 30% also stated that they would not seek a hardship assistance arrangement from their bank or lender and instead sell assets or get a second job rather than talking to their bank.

The Reserve Bank of Australia (RBA) has held the country’s official interest rate at 4.35% following its May monetary policy meeting.

The decision comes as the latest data from the Australian Bureau of Statistics showed annual inflation fell in the March 2024 quarter to 3.6%. This was the fifth consecutive quarter inflation has eased.

But while higher interest rates appear to be cooling the economy, RBA governor Michele Bullock has warned the ‘war isn’t won yet’.

With interest rates looking uncertain, it can help to talk to an expert.

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