Mortgage pain worse than during GFC: survey
More than a quarter of Australians will have problems meeting their mortgage repayments over the coming months, new research has revealed.
According to RFi’s latest quarterly mortgages monitor report, 26 per cent of Australians admitted they were struggling with their repayments – the highest number on record.
“We have been conducting this survey right throughout the GFC and this is the highest percentage of Australians to openly admit they are or will struggle with their mortgage repayments,” RFi director Alan Shields told Real Estate Business.
Mr Shields said high interest rates and the rising cost of living was to blame.
“The higher cost of living is really affecting certain borrowers,” he said.
“People are concerned about how much they are spending on their groceries and how much their electricity bill is. And, at the time we were in the field, the carbon tax was a hot topic of conversation. People are concerned about this expense. Whether they are forced to pay it directly or not, it is weighing on their minds.”