Westpac Bank sees more pain ahead for households

(Image: Depositphotos)

Wed, 18 Jan 2023

Westpac Bank is predicting more pain for households over the year ahead as inflation erodes spending power and borrowing costs push higher.“Conditions for borrowers are set to become a lot tougher over the coming year. Close to half of all fixed-term mortgages will come up for repricing over the next 12 months,” said senior economist, Satish Ranchhod.Borrowers who fixed for two years in 2020 may have secured a rate in the 2.5% to 3% range. Those same borrowers are now looking at a two-year rate that’s more than 3 percentage po...

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