Australia’s big banks squeeze new homeowners to maintain profits amid bad debt fears

In an unusual turn of events, banks are raising mortgage rates for new customers to help cover expected losses from mortgage defaults

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Australia's big banks are leaning on new borrowers to keep profits rolling as they prepare for more of their existing customers to succumb to rising borrowing costs.

Mortgage rate analysis shows lenders are lifting rates for new borrowers at a faster pace than official cash rate increases. Fixed rates are also leaping higher.

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