Money guru’s shock cash offer to struggling homeowners

Fed-up finance guru Mark Bouris is offering to help struggling homeowners meet their skyrocketing loan repayments with a cash injection.

Fed up finance guru Mark Bouris is offering to help struggling homeowners meet their skyrocketing loan repayments.

Fed-up finance guru Mark Bouris is offering to help struggling homeowners meet their skyrocketing loan repayments with a cash injection.

A leading critic of the Reserve Bank of Australia’s dramatic hiking of interest rates – 10 successive rate increases since May last year – Mr Bouris, is determined to do something about it.

The executive chairman of Yellow Brick Road Home Loans is offering to help Aussie homeowners hit hard by massive increases in their month mortgage payments with a cash injection of $12,000.

“All Australians deserve a fair go on their home loans and right now you’re not getting one,” Mr Bouris said.

Homeowners across the country are struggling with skyrocketing mortgage repayments.

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“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.

“The Reserve Bank of Australia’s decision to increase the official cash rate for the past 10 consecutive meetings has left nearly 800,000 Australians at risk of mortgage default. At YBR Home Loans, we’re on a mission to hear the voices of those impacted most by this aggressive increase in interest rates.

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

Governor, Reserve Bank of Australia, Philip Lowe has pushed up rates 10 times since May last year. Picture: NCA NewsWire / Nikki Short

Mr Bouris and his team at YBR will randomly select five mortgage holders from across the country who are having trouble meeting their home loan repayments and give $12,000 to each winner “in order to help ease the strain of rapidly increasing interest rates”.

“If you’re going to struggle to meet your mortgage repayments as you come off your fixed interest rate, or if you’re already struggling to meet your repayments, please fill out your details and outline your circumstances,” Mr Bouris said.

Homeowners can write to Mr Bouris and Yellow Brick road at ybr.com.au/fairgo

“The Reserve Bank of Australia’s decision to increase the official cash rate for the past 10 consecutive meetings has left nearly 800,000 Australians at risk of mortgage default.” Picture: NCA Newswire/ Gaye Gerard

In announcing the offer, Mr Bouris said the RBA’s massive rate hikes were mentally affecting borrowers

“Right now, everyone’s walking around with a bit of brain damage,” he told Sky News Australia.

“You can’t keep whacking these borrowers, these mortgage holders in Australia, particularly those who borrowed two or three years ago.

“You can’t just keep whacking them across the chops and expect them to survive.

“There seems to be a massive lack of empathy and or feeling from our Reserve Bank when they talk about these interest rate rises.

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Mr Bouris said he was concerned about the further affect this would have on Aussies battling to make ends meet.

“They keep talking about data and global inflation … who cares – start to think about what effect you’re having on Australians.”

The RBA has indicated it will continue to raise rates and Mr Bouris said he was concerned about the further affect this would have on Aussies battling to make ends meet.

“We’re moving much further towards the stoppage of these rate rises, but from the language of the Reserve Bank governor [On Tuesday], and from the very last paragraph, he did indicate there will be further rate rises,” he told Channel 9’s The Today Show.

“His words were, ‘we are committed to getting us back to 2 per cent, 3 per cent inflation’, which is a crazy number. Let’s change that number to 4 per cent for God’s sake.”

Originally published as Money guru’s shock cash offer to struggling homeowners