6 days ago
Australians cheer mortgage relief while retirees feel the pinch after third rate cut
Canstar Data Insights Director Sally Tindall says that after interest rates have been cut for the third time, it has been beneficial for mortgage holders but not so great for retirees.
Many Australians are choosing to maintain higher mortgage repayments to build a buffer, while savings account balances are at record highs.
'The vast majority of Australians with a variable rate mortgage ... they're actually opting to stay on higher repayments, they're getting ahead on their mortgage,' Ms Tindall said.
'Inflation might be decelerating, but prices are not going down, cost of living pressures are still very real.
'It's highly likely that we will see at least one more cash rate cut this year.'
