More Aussies paying just the minimum repayments

More and more cash-strapped mortgage customers are making minimum-only repayments on their loans.

Multiple lenders have revealed an upward trend in borrowers making the lowest repayments possible on their loans.

Financial Counselling Australia’s chief executive Fiona Guthrie warned Australians not to overcommit themselves: “People are overly optimistic that interest rates are always going to stay this low.

“This should be the time that you pay as much as you possibly can,’’ she said.

Source: Herald Sun