Yahoo Finance $9,584 a month: Suburbs feeling the most mortgage pain
The Reserve Bank of Australia (RBA) has hiked interest rates eight times this year - from a record-low 0.1 per cent to the current 3.1 per cent - sending mortgage repayments through the roof.
CoreLogic and Aussie Home Loans crunched the numbers of just how high monthly mortgage repayments could shift for borrowers across each capital city and rest-of-state regions, based on where the cash rate is forecast to go.
Also read: How to cut $1,100 per month (or more) off your mortgage repayment today
Also read: Mortgage discount: Simple trick to get instant rate relief
The Your Next Mortgage Move report revealed the numbers across the capitals and regions – unveiling how those who borrowed on the lowest fixed rates in May 2021 could see mortgage repayments shift almost $2,000 higher per month in Sydney.
Even in Australia’s most affordable capital city, monthly mortgage repayments in Darwin could shift $863 higher per month for borrowers under certain conditions, and those in Regional South Australia could be looking at increases around $590 per month.
Which suburbs will see the biggest mortgage increases?
In Sydney, those living in the Northern Beaches could see their repayments hit $9,584 per month - an increase of $3,528.
Those in the Baulkham Hills and Hawkesbury area could see their monthly repayments hit $7,223 per month - an increase of $2,659.
Sydney’s wealthy eastern suburbs area could see repayments hit $7,043, a rise of $2,593 per month.
For the rest of Greater Sydney, here is how much monthly repayments could rise:
Blacktown - $3,706, up $1,364
City and Inner South - $4,845 , up $1,784
Inner South West - $4,527, up $1,666
Inner West - $5,799, up $2,135
North Sydney and Hornsby - $6,828, up $2,514
Outer South West - $3,332, up $1,227
Outer West and Blue Mountains - $3,488, up $1,284
Parramatta - $3,935, up $1,449
Ryde - $6,716, up $2,473
South West - $3,827, up $1,409
Sutherland - $5,977, up $2,200
In Melbourne, here is how much monthly repayments could rise:
Inner Melbourne - $3,029, up $1,115
Inner East - $5,928, up $2,182
Inner South - $4,980, up $1,833
North East - $3,371, up $1,241
North West - $3,099, up $1,141
Outer East - $4,051, up $1,491
South East - $3,340, up $1,230
West Melbourne -$2,907, up $1,070
Mornington Peninsula - $3,729, up $1,373
In Brisbane, here is how much monthly repayments could rise:
East Brisbane - $3,083, up $1,135
North Brisbane - $3,079, up $1,133
South Brisbane - $3,427, up $1,262
West Brisbane - $3,671, up $1,352
Inner City - $3,044, up $1,121
Ipswich - $1,822, up $671
Logan - Beaudesert - $2,035, up $749
Moreton Bay - North - $2,316, up $853
Moreton Bay - South - $2,662, up $98
Follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter, and subscribe to the free Fully Briefed daily newsletter.
