Source: Sydney Morning Herald:
The first signs of mortgage stress caused by higher interest rates and the fall in the stock market are beginning to be seen in the more affluent suburbs of Sydney. Homeowners in suburbs such as Bondi, Chatswood and on the northern beaches are feeling the pinch as their net worth contracts because of the need to meet margin loans that were taken out to borrow money to buy shares, the authors of the J.P. Morgan/Fujitsu Australian Mortgage Industry Report say. The impact of the need to pay back the loans has combined with the pressure of higher mortgage payments and rising school fees to increase the sense of stress being felt by the better off.
They had it coming, didn’t they. Buying things they did not need, with the money the did not have, to impress God knows whom.
