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.”
Can you afford an Investment Property?
Can you afford to buy in this suburb? Find out how much you can borrow
Top Suburbs :
east victoria park
Get help financing your investment
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local expert Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus, our mortgage broking service is at no cost to you.
We value your privacy and treat all your information seriously - you can check out