Rising rates mean homebuyers ‘can’t go to the edge’
Home buyers have become more wary of borrowing the maximum amount they qualify for, mortgage brokers say, as the fear of further interest rate rises weighs on their future financial decisions.
During last year’s property boom, some families and first time buyers were borrowing to their maximum and then asking for help from the Bank of Mum and Dad, but attitudes had changed this year as repayments rise.
Some, though, are still applying for as much as possible because the amount they can borrow has fallen faster than property prices have.
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