However, banking stats show that Aussie homeowners are proving remarkably resilient in coughing up the dollars to make higher mortgage repayments.
A report from September showed less than 1 per cent of mortgage holders were more than 90 days behind in their loan repayments, according to Australian Prudential Regulatory Authority (APRA) data published on realestate.com.au. And that number had continued to decline from a pandemic peak of just above 1 per cent.
Less than half a per cent of mortgage holders were between 30 and 89 days behind on their repayments. This had also continued to reduce from its pandemic peak of around 0.8 per cent.
“The number of people behind on their mortgage is currently very low, both compared with history and other countries,” says realestate.com.au.
But how have so many Aussies managed to absorb a whopping great hike in loan repayments without skipping a beat? Thankfully, record low unemployment means most Aussie mortgage holders have a job and an income.
So the question of mortgage stress becomes a relative one. While there is a lag in the data given the recency of the ongoing rate hikes, it would appear that, most Aussies are not concerned about losing the roof over their head. But might you have grounds to fear a spending cut to your weekend shopping sprees at Chermside? The answer to that question is more likely to be, yes.
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