Rising home prices and heavy gearing have made it increasingly difficult for Australians to meet their debts, but the number reporting debt stress is improving.
According to credit profiler Veda Advantage, 2.1 million Australians – or 17% - found it difficult to make repayments this month. The figures are down slightly from the March survey which found 19% reported having difficulties.
But the improvements could be temporary, as more Australians are expected to feel mortgage stress should the Reserve Bank of Australia lift rates at its meeting next Tuesday.
Investors are tipping a 64% chance that the RBA will lift the cash rate 25bps to 4.75%.
Only 16% of Aussie borrowers indicated debt repayment difficulties September last year. The low coincided with the Reserve Bank’s decision to cut rates to 3%.
Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker
Top Suburbs :
Get help with your investment property
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 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 and appointment is free.
We value your privacy and treat all your information seriously - you can check out