The average mortgage holder is parting with more than a fifth of their pre-tax income, double what they were spending in the 90s
The percentage of income that mortgage holders spend on their loans has rocketed amid higher interest rates and living costs, the Commonwealth Bank says.The percentage of income that mortgage holders spend on their loans has rocketed amid higher interest rates and living costs, the Commonwealth Bank says.
Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup A sizeable portion of that increase is from households that are so far behind that they are unlikely to recover unless they receive external support, such as financial gifts from family. The arrears data may actually understate the extent of financial stress in the community, because lenders typically allow customers flexibility, which can include loan deferments that prevent a customer going into arrears.
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