Mortgage stress continues to climb as wage growth stalls
Mortage stress is on the rise and it’s plaguing Australian homes as wage rates stall.
Nearly 30% of all buying households are feeling the heat, with families affected ranging from “affluent households” to the “disadvantaged fringe”.
Martin North from Digital Finance Analytics tells Ross Greenwood the stress is causing people to eat into their savings and turn to credit cards to make ends meet.
“Even a small increase in mortgage rates or a small rise in the cost of living will have a significant impact.
“What we’ve now got is a situation where people are dipping into their savings to be able to continue to pay the bills.
“I suspect we’re going to find things are going to get worse over the next two to three years.”
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