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A$370bn Of Fixed Rate Mortgages To Be Refinanced In 2023

AUSTRALIA

Nearly half of mortgages fixed at low rates in mid-2021 will need to be refinanced next year worth A$370bn, according to The Australian. Barrenjoey chief economist Masters estimates that A$35bn will reset in April followed by the peak in May of A$44bn. This wave of refinancing will result in significantly higher mortgage payments and an expected drop in discretionary spending. The RBA has said there is significant uncertainty around the impact on consumers of its 300bp of tightening this year and that it is monitoring households closely.

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