Home buyers paddle, as mortgage rates hit high water mark

About 23% of fixed-rate mortgages will roll over by the end of March. (Image: Getty)

Mon, 28 Nov 2022

With mortgage rates about to head above 7%, new home buyers struggling to get finance are looking at other options.Julius Capilitan, managing director of Century 21 Financial, said the firm had experienced an upsurge in calls, particularly from first-home buyers who may now not qualify under standard lending criteria.At issue are the test servicing rates – generally 2% higher than the bank’s carded floating interest rate and intended to provide interest rate 'headroom' – which have now climbed to 8.15%. That&rsquo...

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