Recent Australian first home buyers should feel aggrieved at the Reserve Bank of Australia (RBA). This was reflected in the massive rise in the number of first homebuyers getting into the property market. The impact will be especially from 2023 when borrowers that entered the market on fixed mortgage rates below 2.5% finish their loan terms and are required to refinance:Many will face a doubling to tripling in mortgage rates. Recent entrants are always hardest hit by housing corrections and rising mortgage rates. On both counts, Australia’s first home buyers are facing a nasty two year period of soaring repayments and negative equity.

Source: Stuff June 13, 2022 18:44 UTC