Sydney woman risks losing home to mortgage stress

Summarised from 2 outlets · Updated 25 Oct, 11:31 · Archive

A Sydney woman says another interest rate rise would force her to sell her family home.

Vanessa Merryweather, a cancer survivor living on Sydney's outskirts, told 60 Minutes that another interest rate rise would force her to sell her family home after nearly 26 years. She earns just over £900 a week whilst her mortgage repayments are about £800. She said: 'My house will be on the market in January if that's the case.'

Ms Merryweather did not face mortgage stress from reckless spending. She borrowed cautiously when building her home and had once paid far enough ahead to have £60,000 available in redraw. However, Covid devastated her business, and she then endured serious health crises. She survived bowel cancer requiring surgery and 25 rounds of chemotherapy and radiotherapy. The following year, her eldest daughter was diagnosed with lymphoma. Both recovered but the financial buffer was depleted by everyday costs.

Even a hardship arrangement with her bank is now insufficient. When asked what she stood to lose, she was direct: 'My family home, my future, my security.' The Reserve Bank's Chief Economist and Assistant Governor Sarah Hunter told 60 Minutes the pain is real but acknowledged the bank believes higher rates are necessary to control inflation. 'It's really, really tough. It does weigh on us here. It does weigh on the board,' Ms Hunter said.

How it is being reported

• One more interest rate rise could force this Sydney woman to sell her family homeA cancer survivor who has already endured years of illness and financial strain is now at risk of losing her home as rising interest rates pile more pressure on her budget.The West Australian · 25 Oct, 11:02
• One more interest rate rise could force this Sydney woman to sell her family homeA cancer survivor who has already endured years of illness and financial strain is now at risk of losing her home as rising interest rates pile more pressure on her budget.Perth Now · 25 Oct, 11:02

In this story: Vanessa Merryweather · Sarah Hunter · Reserve Bank of Australia · Sydney

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