Roy Morgan research shows 1.5 million Australian mortgage holders are now paying above a certain portion of their after tax income into their home loan, between 25 and 45% depending on income and spending.
This number has risen by 642,000 over the past year after twelve of the last fifteen monetary policy decisions saw interest rates go up.
This exceeds the number of Aussies at mortgage stress at the height of the global financial crisis (1.496 million), although that was a bigger chunk of the population at the time.
Meanwhile, more than a million are ‘extremely at risk’ of mortgage stress, which means even if they were only paying interest, the repayments would exceed a certain proportion of household income.
This is the highest propo…
Read the full article at: https://www.savings.com.au/news/mortgage-stress-record