Mortgage stress hits 1 in 3 buyers

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Despite healthy economic conditions, 35% of mortgagees suffered mortgage stress in the last 12 months, according to HomeLoanFinder.com.au 

Home Loan Finder publisher Jeremy Cabral said that Aussies are feeling the pinch largely because businesses have reacted to the global financial crisis by driving their own productivity gains.

“More than 10% of Australians attribute their mortgage stress to the fact that they’ve been forced to take a pay cut recently,” Cabral said. 

He added that Home Loan Finder research revealed that 15% of families reported having months when they didn’t know whether they would make their repayments.

“It’s an ominous sign considering interest rates are near historical lows,” Cabral said. 

He advised those struggling with a mortgage to create a budget and decide which extras they can trim back or cut altogether. 

Cabral also said that banks are more receptive to helping people than many mortgagees realise.

Lenders aren’t the angry debt collectors that people perceive — they are obligated by credit laws to support borrowers in financial hardship and work with them towards a plan to get them out of the red.”
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