* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Wednesday, June 11, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    The Analyst Verdict: PENN Entertainment In The Eyes Of 7 Experts – Nasdaq

    7 Experts Reveal the Ultimate Verdict on PENN Entertainment

    3 Arts Entertainment Expands Into News With Acquisition of OManagement (Exclusive) – The Hollywood Reporter

    3 Arts Entertainment Expands Into News With Acquisition of OManagement (Exclusive) – The Hollywood Reporter

    Leading Proxy Advisory Firm Glass Lewis Recommends Shareholders Vote “FOR” Both of PENN Entertainment’s Director Nominees on the WHITE Proxy Card – Business Wire

    Glass Lewis Urges Shareholders to Support All PENN Entertainment Director Nominees on the WHITE Proxy Card

    Cisco Partners with Monumental Sports & Entertainment to Power New D.C. Arena – Cisco Newsroom

    Cisco Teams Up with Monumental Sports & Entertainment to Revolutionize the New D.C. Arena Experience

    Middle Eastern Entertainment Headlines at 5:49 a.m. GMT – Yahoo

    Exciting Updates from the Middle Eastern Entertainment Scene!

    Ceramic Dalmatian Entertainment is WLAF’s Business of the Week – WLAF

    Spotlight on Success: Ceramic Dalmatian Entertainment Shines as This Week’s Featured Business!

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Russian Scientists Develop Sub-Ångström Technology for Next-Gen Quantum Processors – The Quantum Insider

    Russian Scientists Pioneer Sub-Ångström Technology to Revolutionize Next-Gen Quantum Processors

    Study uncovers SiPore Technology’s capacity to regulate blood glucose levels – Nutraceutical Business Review

    Study uncovers SiPore Technology’s capacity to regulate blood glucose levels – Nutraceutical Business Review

    SunHydrogen Unveils Large Hydrogen Reactor in Houston – Fuel Cells Works

    SunHydrogen Launches Groundbreaking Large-Scale Hydrogen Reactor in Houston

    Technology, Labor Rights, and Political Power in Kenya and Across Africa – Tech Policy Press

    How Technology is Shaping Labor Rights and Political Power Across Africa

    Reeves to Announce £86 Billion for Science and Technology in Spending Review – Bloomberg

    Reeves Set to Unveil Groundbreaking £86 Billion Investment in Science and Technology!

    Innovation at Scale: How P&G Transforms Business Through Technology – Procter & Gamble

    Revolutionizing Business: P&G’s Bold Journey into Technological Innovation

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    The Analyst Verdict: PENN Entertainment In The Eyes Of 7 Experts – Nasdaq

    7 Experts Reveal the Ultimate Verdict on PENN Entertainment

    3 Arts Entertainment Expands Into News With Acquisition of OManagement (Exclusive) – The Hollywood Reporter

    3 Arts Entertainment Expands Into News With Acquisition of OManagement (Exclusive) – The Hollywood Reporter

    Leading Proxy Advisory Firm Glass Lewis Recommends Shareholders Vote “FOR” Both of PENN Entertainment’s Director Nominees on the WHITE Proxy Card – Business Wire

    Glass Lewis Urges Shareholders to Support All PENN Entertainment Director Nominees on the WHITE Proxy Card

    Cisco Partners with Monumental Sports & Entertainment to Power New D.C. Arena – Cisco Newsroom

    Cisco Teams Up with Monumental Sports & Entertainment to Revolutionize the New D.C. Arena Experience

    Middle Eastern Entertainment Headlines at 5:49 a.m. GMT – Yahoo

    Exciting Updates from the Middle Eastern Entertainment Scene!

    Ceramic Dalmatian Entertainment is WLAF’s Business of the Week – WLAF

    Spotlight on Success: Ceramic Dalmatian Entertainment Shines as This Week’s Featured Business!

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Russian Scientists Develop Sub-Ångström Technology for Next-Gen Quantum Processors – The Quantum Insider

    Russian Scientists Pioneer Sub-Ångström Technology to Revolutionize Next-Gen Quantum Processors

    Study uncovers SiPore Technology’s capacity to regulate blood glucose levels – Nutraceutical Business Review

    Study uncovers SiPore Technology’s capacity to regulate blood glucose levels – Nutraceutical Business Review

    SunHydrogen Unveils Large Hydrogen Reactor in Houston – Fuel Cells Works

    SunHydrogen Launches Groundbreaking Large-Scale Hydrogen Reactor in Houston

    Technology, Labor Rights, and Political Power in Kenya and Across Africa – Tech Policy Press

    How Technology is Shaping Labor Rights and Political Power Across Africa

    Reeves to Announce £86 Billion for Science and Technology in Spending Review – Bloomberg

    Reeves Set to Unveil Groundbreaking £86 Billion Investment in Science and Technology!

    Innovation at Scale: How P&G Transforms Business Through Technology – Procter & Gamble

    Revolutionizing Business: P&G’s Bold Journey into Technological Innovation

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Business

Homeowners face a tough 2024 as interest rates and unemployment bite

November 2, 2023
in Business
Homeowners face a tough 2024 as interest rates and unemployment bite
Share on FacebookShare on Twitter

Navigation for News Categories

No caption

Mortgage broker Bruce Patterson believes many will struggle with rising costs.
Photo: RNZ

The Reserve Bank (RBNZ) says most households are managing higher mortgage repayments and the banking sector remains strong.

However, the half-yearly Financial Stability Report (FSR), released on Wednesday, said most households had been able to manage higher mortgage repayments, although the share of mortgage arrears had increased from low levels.

Despite this, the RBNZ did acknowledge an increasing number of borrowers would face “significant debt servicing stress” as they moved on to higher interest rates. The report predicted 2024 would see up to 18 percent of mortgage holders’ incomes being spent on interest repayments.

Mortgage broker and director at Loan Market, Bruce Patterson, said people could only manage so long, with an increasing number feeling the strain and more homeowners expected to struggle to meet their mortgage repayments next year.

Patterson believed homeowners would only be able to absorb so much. He said a “double whammy” of cost of living, coupled with higher mortgage rates, would eat into their incomes very quickly – making 2024 a challenging year,

“It’s all very well for the Reserve Bank to say people are coping, but they’re the ones that created this issue and I think it’s gonna come home to roost next year.

“We’re already seeing it with some companies going under and redundancy, so we’re going to see that unemployment level climb as well, which will exacerbate the problem.

“The Reserve Bank wants higher unemployment and it’ll only be at that point that they might look at bringing rates down again.”

Patterson said the RBNZ’s figure of 18 percent was conservative, claiming some people were spending 50 percent of their incomes on mortgage repayments and would be hardest-hit by future rate hikes.

While some were coping by switching to interest-only repayment options, Patterson believed the RBNZ should drop rates sooner rather than later.

On lenders, Patterson says they were willing to help where they could.

“We’re having a lot of enquiries from clients and yes, the banks are geared up for this – they realise that it’s important that they address it early, so they are being very cooperative just around helping their clients, which is really good to see.”

With interest rates biting, the unemployment rate was also bearing down on some of Patterson’s clients.

“We’ve had some redundancies, most people are able to find other employment relatively quickly, but you know the more that that happens the less opportunities there will be and certainly in the trade sector the amount of workers is reducing.

“It’s very early days, but I do expect 2024 to be a very tough year for some of our clients.”

Get the RNZ app

for ad-free news and current affairs

Download from Apple App Store
Download from Google Play Store

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : RNZ – https://www.rnz.co.nz/news/business/501519/homeowners-face-a-tough-2024-as-interest-rates-and-unemployment-bite-broker

Tags: businessHomeownerstough
Previous Post

Analysis-Fed meeting revives Treasury bulls after brutal selloff

Next Post

TradeWindow signals job losses as it battles inflationary pressures, global downturn

Whitesides says budget proposal shows the administration does not value NASA science – SpaceNews

Whitesides says budget proposal shows the administration does not value NASA science – SpaceNews

June 11, 2025
Lifestyle publishers rewrite the SEO playbook for AI-driven search – Digiday

Lifestyle publishers rewrite the SEO playbook for AI-driven search – Digiday

June 11, 2025

David Squires on … Infantino’s Club World Cup buildup in the land of Trump – The Guardian

June 11, 2025
America must lead on the gig economy — or others will set the rules – Washington Examiner

America must lead on the gig economy — or others will set the rules – Washington Examiner

June 11, 2025
The Analyst Verdict: PENN Entertainment In The Eyes Of 7 Experts – Nasdaq

7 Experts Reveal the Ultimate Verdict on PENN Entertainment

June 11, 2025
Amarillo breaks ground on psychiatric hospital, part of the state’s $1.5B investment in mental health – The Texas Tribune

Amarillo Unveils State-of-the-Art Psychiatric Hospital in Texas’ $1.5 Billion Mental Health Expansion

June 11, 2025
Smithsonian says it’s committed to being free from ‘partisan influence’ after Trump tries to remove gallery director – CNN

Smithsonian Vows to Stay Independent After Trump Attempts to Oust Gallery Director

June 11, 2025
Russian Scientists Develop Sub-Ångström Technology for Next-Gen Quantum Processors – The Quantum Insider

Russian Scientists Pioneer Sub-Ångström Technology to Revolutionize Next-Gen Quantum Processors

June 11, 2025
How the Shallowing of the Caspian Sea Will Affect Kazakhstan’s Ecology and Economy – The Times Of Central Asia

The Disappearing Caspian Sea: Exploring Its Dramatic Effects on Kazakhstan’s Environment and Economy

June 10, 2025
NIH scientists call on director to protect biomedical research – NPR

NIH Scientists Call for Bold Action to Protect the Future of Biomedical Research

June 10, 2025

Categories

Archives

June 2025
MTWTFSS
 1
2345678
9101112131415
16171819202122
23242526272829
30 
« May    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (680)
  • Economy (695)
  • Entertainment (21,600)
  • General (15,321)
  • Health (9,737)
  • Lifestyle (699)
  • News (22,149)
  • People (695)
  • Politics (702)
  • Science (15,913)
  • Sports (21,196)
  • Technology (15,681)
  • World (680)

Recent News

Whitesides says budget proposal shows the administration does not value NASA science – SpaceNews

Whitesides says budget proposal shows the administration does not value NASA science – SpaceNews

June 11, 2025
Lifestyle publishers rewrite the SEO playbook for AI-driven search – Digiday

Lifestyle publishers rewrite the SEO playbook for AI-driven search – Digiday

June 11, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version