00:02Out in the suburbs, the stress of paying off a mortgage is on people's minds.
00:07We'll need to again revisit the monthly costing, where we can cut unnecessarily.
00:14Everything is just going up and up and up and nothing's coming down.
00:17A lot of people will end up losing their homes.
00:20Data from Roy Morgan shows there are more than 1.6 million people at risk of mortgage stress because of
00:27the latest rate rise.
00:28For some people it will be the straw that broke the camel's back.
00:32The latest hike takes the cash rate back to where it was at the start of 2025.
00:37If it's increased again to 4.6% the highest level in close to 15 years,
00:44a homeowner with a $750,000 mortgage will be paying $455 more a month than they were when the RBA
00:53began lifting rates in February.
00:55Given the inflation concerns, they probably will go again in August.
00:59As borrowers brace for the likelihood of more interest rate rises, the economy is expected to slow substantially.
01:07Economists say an ongoing war in the Middle East has also increased the risk of a recession.
01:14I'd say it's increased significantly if you go back through history.
01:17This combination of high oil prices and high interest rates can often be associated with recession.
01:24In Hobart, retirees who have lived through a recession and paid off their mortgage are concerned.
01:30I feel for it for my daughters. Both of my daughters have mortgages.
01:35And when the interest rates go up like they have, I feel sorry for these people.
01:39As the economic wrecking ball continues.
01:42You're gonna call me Rocket honestly and I hope you let me thank you.
01:42Thanks for having me get down the call.
01:42It's on theסky thing.
01:42That namePS seed �'a.
01:43Your endip is ab hag.
01:43Yes are chyba good.
01:43You're thinking?
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