Melbourne family face mortgage crunch as they prepare to upsize

Melbourne’s Zwagerman family have an extra reason to be worried about inflation figures at the moment: they’re about to sell their home and buy a more expensive one.For Shannen and Ricky, and their daughter Zendaya, 3, this means they’re thinking about what the numbers could mean for repayments at the 61 Mareeba Way, Craigieburn, home they renovated into their perfect perch before their growing family needed more space.Melbourne’s Zwagerman family are watching inflation figures raise the risk of a rate hike, just as they prepare to increase their mortgage. Picture: Wayne Taylor.But while that’s not yet “excruciating” they’re also factoring in a more expensive mortgage looming ahead once they sell the $660,000-$690,000 home and buy higher up the property ladder — and contend with any impacts to their sale price caused by a rate hike.RELATED: Inflation raises RBA rate hike risk, threatens worst housing slump since 1987Salary needed to buy average Australian home surges despite falling property pricesAuction-weary Melb family buys $80k below budget “We are scared, and stressed, and felt better about it two months ago than we do at this current moment,” Ms Zwagerman said.“But we are no...