Thats rubbish. How does it affect those that dont have mortgages?..or don't even own property?
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one in 5. that is 20%. I think more than 20% of ppl own their own property and have a mortgage. So it is possible.
But I doubt the 50 basis points causing that. 200 basis points would hurt a lot of people and Australians are far more aggressive when it comes to mortgages. My younger brother in Sydney on slightly over 100k was offered a $1 million mortgage... (something unheard of here)
One in five Australians does seem a little extreme. I would have thought that the bigger threat ( than a 50 basis points increase in interest rates) would be the prospect of a bursting of the property price bubble and the subsequent collapse of house prices in Sydney, particularly, and other state capital cities.
Yes surely they meant one in five Morg holders and not just people etc ....as we know Property is very sentiment charged ...spike in interest rates could well be pin the pricks many bubble cities