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Al Jazeera

Business

Wing Kuang

In property-mad Australia, borrowers brace for pricier mortgages

Australia Reserve Bank of Australia Angel Zhong Al Jazeera Reserve Bank RMIT University Sydney

Recent home buyers in Australia are bracing for higher mortgage payments [File: Brendon Thorne/Bloomberg]

Sydney, Australia – Maryam Zafar, a software engineer who lives with her partner and two young children in western Sydney, worries that higher mortgage repayments may soon force her family to cut costs.

After migrating from Pakistan six years ago with the dream of owning a house in Australia, Zafar and her partner got on the property ladder in December 2020.

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