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Australian homeowners are now facing more mortgage stress than any other nation, an International Montetary Fund report suggests. Mortgage stress refers to when more than one-third of a household income is spent on mortgage repayments.
The IMF pulled together the statistics in 2022, before the Reserve Bank hiked interest rates a further four times. This increased cost of borrowing has left Australia at the highest risk for debt along with Canada, Norway and the Netherlands. However, experts say household loan spending in Australia could continue to jump to a huge 40 per cent if interest rates climb from the current cash rate of 4.1 per cent to 4.6 per cent.
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