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Worst suburbs to have a mortgage in as interest rates rise
Nearly 
1300
more Gold Coast households are facing financial hardship as the Reserve Bank delivered a larger-than-expected cash rate rise of
0.085.
Monthly repayments on a $500,000 mortgage will increase by $133 while those who borrowed $1 million will pay an extra $265.
Some of the Gold Coast’s most exclusive suburbs have made the list of the worst places to live with a mortgage, according to new data which reveals who will feel the most pain from the Reserve Bank's rate rises.
Mortgage stress means homeowners are spending at least 30 per cent of their income on loans. On the Gold Coast, 23,381 households are experiencing mortgage stress.
Postcodes facing the highest levels of mortgage stress
4216: Biggera Waters, Coombabah, Paradise Point, Sovereign Islands – 2368 homes
4209: Coomera, Pimpama, Upper Coomera – 1995 homes
4226: Clear Island Waters, Merrimac, Robina – 1901
4220: Burleigh Heads, Burleigh Waters, Miami  – 1722
4211: Pacific Pines, Carrara, Nerang  – 1575
IT’S NOT ALL DOOM AND GLOOM
A leading buyers’ agent says Gold Coast house hunters  should not be scared off by rising interest rates. Instead, he advises people to do the numbers on what an actual 25 to 50 basis point rise does to their household income.
Srama Group founder and former Titans player Matt Srama said people had little to fear so long as they budgeted properly.
A 50 basis point rise on a 30-year loan on a standard rate at the moment, for principal and interest, works out at (just) under $200 a month increase. That’s the cost of a meal out for a lot of people.
Matt Srama
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Words: Andrew Potts and Keith WoodsPRODUCER: bianca mastroianni

Original URL: https://www.goldcoastbulletin.com.au/web-stories/free/gold-coast-bulletin/worst-suburbs-to-have-a-mortgage-in-as-interest-rates-rise