$60k worth of cash giveaways up for grabs as Mark Bouris does his part to help struggling homeowners

A leading finance expert is giving away $60k in cash to help struggling Australian homeowners pay off their mortgage. Here’s how to get your share.

Struggling homeowners are set to get the cash injection they deserve thanks to a leading finance expert opening his wallet in a bid to ease the burden of rising interest rates.

On Tuesday, the number of consecutive rate rises by the Reserve Bank of Australia (RBA) hit double digits, bringing the cash rate to a staggering 3.6 per cent.

The 25 basis point increase comes as tens of thousands of Australians face the fixed rate mortgage cliff, with many soon to be forking out up to $1000 extra for repayments per month.

The cash rate now sits at 3.5 per cent. Picture: NCA NewsWire / Christian Gilles

And with the cost of living soaring, there’s no doubt thousands of family budgets are feeling the squeeze, forcing many to make sacrifices to keep a roof over their heads.

But the days of substituting fresh produce for frozen veggies or cutting back on kids‘ extra-curricular activities could soon be over for five mortgage holders thanks to home loan guru Mark Bouris.

The Yellow Brick Road (YBR) executive chairman is calling on mortgage holders to share their stories of desperation and resilience to understand how the latest interest rate hike is impacting their budget.

In return, five homeowners will be randomly selected to receive a cut of Mr Bouris’ $60,000 “fair go” giveaway, to help “ease the strain of rapidly increasing interest rates”.

“I know many Australians are doing it tough out there right now. Through no fault of their own, homeowners are having to manage skyrocketing mortgage repayments,” Mr Bouris said.

“We want to hear from you … your story, your struggles and particularly, if you’re worried about your ability to meet your mortgage repayments.”

Mark Bouris, Executive Chairman of Yellow Brick Road, is giving five homeowners $12,000 each. Picture: Supplied

While the five mortgage holders will receive $12,000 each, those that aren’t selected in the draw will still have the opportunity to receive support from a YBR mortgage broker who will suggest ways homeowners can improve their mortgage situation.

The latest rate rise could see the average mortgage payer coughing up an additional $1200 to $1500 a month, which Mr Bouris said is a lot of money considering wages aren’t increasing.

“No one is earning extra money so that impact is mentally huge,” he told the Today show on Wednesday.

Consequently, he’s noticed more people are renting out spare rooms, are working a second job or are asking for overtime from their employer to earn the extra income.

Meanwhile other Australians have put more focus on managing their spending so they don’t blow their budgets.

“Across the world we have the best reputation … we’ll do everything, pump gas, do whatever we can to make sure that we continue to pay our mortgages,” Mr Bouris said.

In some better news, the finance expert said homebuyers doing it tough can expect some relief after RBA governor Philip Lowe hinted at a pause in rate rises in his latest address.

Homeowners are paying up to $1200 to $1500 extra on their mortgage a month. Picture: NCA NewsWire / Aaron Francis

However, after analysing Mr Lowe’s very carefully delivered speech, Mr Bouris believes there will be further rate rises to come in the following months.

“ (Mr Lowe’s) words were ‘we are committed to getting us back to two to three per cent inflation’ which is a crazy number,” Mr Bouris explained, given the current inflation rate is seven per cent.

“Therefore what is his choice?”

Mr Bouris hopes by asking homeowners to share their story of how the interest rate hikes are affecting them, the RBA will be able to understand the dire financial situations Australians are finding themselves in.

“The whole idea of (the ‘Fair Go’ giveaway) is to reward people who tell us their story, but most importantly to tell the Reserve Bank how Australians are feeling,” he said.

“Australians are feeling this and they’re doing it tough so let’s tell the Reserve Bank how it is.”

To share your story and be in the running to receive a share of Mr Bouris’ $60,000 giveaway, head to https://ybr.com.au/fairgo.

Originally published as $60k worth of cash giveaways up for grabs as Mark Bouris does his part to help struggling homeowners