
‘It’s quite distressing’: rate rise brings new pain for would-be homebuyers
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The recent rate hike by the Reserve Bank has compounded the challenges faced by potential homebuyers, as property prices continue to rise. Individuals like Dani Hunterford and her husband are feeling the strain, having saved diligently for a deposit only to find their dream of homeownership slipping further away. The increase in borrowing costs is making it increasingly difficult for first-time buyers to enter the market.
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The Reserve Bank's decision to increase rates for the third consecutive time is part of a strategy to combat inflation, but it comes at a significant cost to those looking to purchase homes. The housing market has seen sustained price growth, making it challenging for new buyers to compete, especially in an environment of rising borrowing costs.
This article reflects the views of the author and does not necessarily represent the views of The Guardian or its affiliates.
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