Millions of home borrowers face more pain as costs rise at the pump | The Business | ABC NEWS

Mortgage borrowers are facing the pressure of higher prices at the bowser and rising loan repayments. According to research from Roy Morgan, the latest interest rate rise from the Reserve Bank could leave more than 1.4 million home borrowers at risk of mortgage stress once the rate increases are passed through. The Commonwealth Bank, ANZ, Westpac and NAB have announced they'll pass on the rate hike in full by the end of the month. Calls to financial counsellors at the National Debt Helpline have increased to levels not seen in six years.  Dominique Meyrick from Financial Counselling Australia is urging Australians facing tough situations to get on top of their debt faster.  She says, "that might mean calling up your creditors, the bank or the telco or energy company and explaining your situation and asking for a hardship arrangement."  Nab chief economist Sally Auld expects the RBA to lift interest rates again in May but if oil prices continue rising and impact the global economy, she sees a scenario where the central bank suddenly pivots.  She said they will go from a world in which they're worried about inflation and the possibility of having to take rates higher to one where they think the hit to growth is going to be big enough that it transmits from a global recession to Australia. In this case, she said they may need to reverse course.
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