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Homeowners with a mortgage can expect to be paying 22% of their disposable income in interest payments on their home loan on average by the end of the year, the Reserve Bank says.
That would be up from a low of 9% in 2021, and the increase will be much higher for many recent home-buyers with hefty mortgages.
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A record number of buy now, pay later loan account holders are behind in their payments, credit reporting company Centrix says.
At the end of March 10.5% of all buy now, pay later (BNPL) loans were in arrears, Centrix managing director Keith McLaughlin said.
“Buy now, pay later is breaking a record every month,” McLaughlin said