The conversation on ABC radio (Melbourne) this morning included various callers sharing the personal financial impact the latest interest rate rise is having on their mortgage repayments (and their general household budget).
I lost count of the number of callers – who seemed to span multiple decades from 30s to, what sounded like possibly 50s – who mentioned that the thing keeping them afloat as they experience up to double the monthly repayments they were making on their home loan just 12 months ago was the helping hand they were receiving from their parents.
Has the Bank of Mum and Dad been forced to open its doors in your own family?
For some older retirees who are still dealing with the tail-end of their own home loan repayments, as well as cost of living and interest rate rises, financial pressures can make it difficult to offer money to adult children who might be facing a tough time. How do you manage it? How have your adult children or other people in your extended family been affected by the latest interest rate rise?
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