Roy Morgan research shows 1.5 million people – almost a third of all mortgage holders – are spending 25 to 45% of their income on their home loan
A record 1.5 million people – almost one third of all mortgage holders – are now considered at risk of mortgage stress across Australia as interest rate hikes continue to bite.The figure surpasses the previous highest number of people experiencing mortgage stress: 1.46 million in the three months to May 2008 at the height of the global financial crisis.
The new research from Roy Morgan also showed mortgage risk will increase further if the Reserve Bank raises interest rates again in September. After a year of rate rises by the RBA, there are 640,000 more households at risk of mortgage stress compared with the same period in 2022. To be considered extremely at risk, mortgage holders have to pay a certain portion of their income on interest repayments alone.
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