PHOTO: Mortgage
More than a million Australian households are facing significant mortgage stress as rising costs of living and stagnant wages bite into the bottom line of ordinary families.According to new data from Digital Finance Analytics (DFA), in January 2020, 32.8 percent of mortgage-holding Australians – representing more than 1.1 million borrowing households – and are now in mortgage stress.More significantly, financial forecasts show expectations that 83,400 households will default on their mortgage within the next 12 months.According to DFA, mortgage stress is defined as a household being forced to pay out more each month including mortgage repayments than income being received.
Principal of Digital Finance Analytics Martin North said some of the nation’s most vulnerable borrowers are at risk.
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