More than 1.8 million households are currently in mortgage stress. 9News
Many homeowners are being forced to tighten their belts following the Reserve Bank of Australia hiking interest rates four times in as many months.Both low-income suburbs and affluent neighbourhoods were flagged in the report.
Even if households scramble to cope with the steep repayments, Feeney said the level of stress and anxiety inside countless Aussie homes will be significant.The most vulnerable postcodes fell into "two distinct groups", Feeney said, lower income households and higher-earning suburbs. After August's announcement, a person with a $750,000 loan is paying an extra $211 each month, up $708 since May.
Otivo defines a household being in mortgage stress when its monthly surplus is reduced to zero or runs into negative because of increased mortgage repayments.In Sydney, some suburbs in the Eastern Suburbs will be among those to feel the heat of the interest rate rises. Many of those suburbs have never suffered mortgage stress, but they will now begin to feel financial pressure over the next 12 months, the report concluded.The top-three hardest hit Brisbane suburbs highlighted in the Otivo Mortgage Stress Report.
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