Read an interesting article on AOL goes something like this.
Shadow Treasurer, Bob McMullan, says a survey by research company Hawker Britton shows 15 per cent of home borrowers may default on their mortgages if rates rise by 1 per cent.
"The surveys are showing that as many as one in seven households could struggle to make their payments even if interest rates rise by 1 per cent and they've already gone up by 0.5 per cent, so there are serious problems for households," he said.
Now we are talking about Pollies so it maybe for effect. If its correct there could be some bargains soon or a lot of people demanding wage rises.
If nothing else it should get interesting and all those loans the Banks wrote nice of us taxpayer to help it along.
