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80% of borrowers have savings buffer, new survey finds

11 May, 2022 | 
Pureprofile 

Originally published: Mortgage Business, 10 May 2022

Eight in 10 borrowers have savings buffers and nearly two-thirds can meet a 0.5 per cent rise or more, according to a new borrower survey.

The findings come in a survey of 1,018 mortgagors commissioned by finance platform Money.com.au, which sought to gauge how financially prepared Australians are for a new environment of higher interest rates and the rising cost of living.

As part of the survey, conducted by Pureprofile in late April 2022, respondents were asked to specify how much money they have in their mortgage offset account, home loan redraw facility or savings account, to determine whether they have a substantial financial buffer to navigate increasing costs.

They were also asked what size of an interest rate rise they could cope with in order to continue servicing their loan.

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