Tweet Facebook Mail Australia's financial regulators have warned more and more homeowners are falling behind on their mortgage repayments on the same day ANZ said relief is even further away than hoped. The bank became the first of the big four to push back its prediction of an interest rate cut until next year, forecasting the RBA won't lower the cash rate until next February thanks to higher-than-expected inflation data in the last two months. "The stronger than expected Q1 CPI also makes it hard to see the RBA being sufficiently confident that inflation will return to and stay in the band by the time the November meeting comes around," ANZ head of Australian economics Adam Boyton said in a research note.
READ MORE: Calls for ban on ultra-cheap fashion products made with forced labour More Australians are falling behind on the home loan repayments. (Penny Stephens/The Age) "Accordingly, we now expect the first cash rate cut in February 2025." That will come as bitter news to households struggling to keep up with their mortgage repayments.
According to the Council of Financial Regulators (CFR), that group that is only getting bigger after 13 interest rate increases since early 2022. The council, which is made up of the Reserve Bank, Federal Treasury, ASIC and APRA, said that while most borrowers are still making their payments, the number who aren't is rising. READ MORE: Bonza future bleak as staff sacked, no bids to buy collapsed airline ANZ doesn't expect intere.