Hannah and Jeremy Swanborough, a couple from Logan Reserve, have faced escalating financial strain as interest rates continue to climb, forcing them to make tough sacrifices in order to manage their mortgage repayments.
The couple, who were originally on a 2.9% fixed-rate home loan, have seen their rates soar to 6.08% since September 2022, significantly increasing their weekly repayments from $480 to $740. This change came just as they were expecting their first child, Harry, in 2023, which added additional financial pressure as Hannah hoped to extend her maternity leave by working extra jobs, while Jeremy took on mowing jobs to help make ends meet.
“The situation went pear-shaped for us,” said Mrs. Swanborough. “We’ve had to be really savvy with our spending—grocery shopping for specials, using local veggie shops, and reducing unnecessary expenses like dining out or going to the chiropractor.”
The couple has also turned to creative solutions for everyday expenses, making gifts for friends and family instead of purchasing them and propagating plants as thoughtful, low-cost presents. They’ve even started sharing meals when dining out, skipping drinks, and reducing their clothing and health-related expenditures.
Despite their efforts, the couple, both employed in education and IT, finds themselves in the same financial struggle that many others in Queensland are facing, with rising mortgage repayments and the cost of living making it harder to make ends meet. Their story is echoed by many first-time buyers in Queensland, with Burbank Homes national general manager of marketing and sales, Anthony Garrubba, noting that while demand for homes remains high, mortgage affordability is holding many back.
However, the Swanboroughs are hopeful that the expected rate cuts from the Reserve Bank will provide some relief. “If rates were to come down, I might be able to set up a tutoring business, cover most expenses, and stay home with our next child,” said Mrs. Swanborough. “It would also be nice to take a holiday, not just camping locally.”
With multiple rate cuts anticipated this year, the Swanboroughs remain optimistic that any relief will help ease their mortgage stress, though they acknowledge it may take more than one cut to feel significant change.
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