Families have to earn more to service their loan.
Welfare agencies across the Macarthur region say they get more demand for their services mainly caused by the rise in interest rates for the 6th time this year.
The Macarthur area is where first home buyers find more affordable houses for the past 15 months. However this place is not anymore spared from the full blow of the interest rate hikes, it now feels the crunch.
Sector Connect, an organization representing Wollondilly, Campbelltown and Camden council areas, validates the report that demand for social services is mounting.
Director Jane McIvor mentioned that this is the rise of the working poor. “As the interest rates rise, more people are being forced into private rental; that market is at cracking point,” she said.
Latest report from RP Data, a national property information and analytics provider, revealed the effect of the swell in interest rates in suburbs like St Helens Park, Narellan Vale, Ambarvale, Minto and Blair Athol.
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