The Reserve Bank says more borrowers than initially forecast will not have enough income to cover expenses and will run out of savings by the end of next year if interest rates stay elevated for longer than the market expects.
The reviews, which are published every six months, and focus solely in risks to the financial system, have been detailing the resilience of Just 1 per cent of all borrowers are 90 days behind on their mortgage payments and just 2 per cent of highly leveraged, or risky, borrowers.
Source: Loan Digest (loandigest.net)
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