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Friday, 29 September 2023
Extent of mortgage stress reveled
A NEW survey by finance platform MNY reveals that 75% of Australian mortgage holders or those living with a mortgage holder have been negatively affected by interest rate rises, leading to potential social issues. Since May 2022, the cash rate has risen 12 times, with mortgage interest averaging around 6.5%, causing financial stress. Nearly half (49%) report heightened stress and anxiety, while 29% experience mental health issues or sleeplessness. Additionally, 8% have worse relationships with family, and 11% with their partners. Young Australians aged 18 to 34 seem most affected, with 83% reporting negative impacts. Furthermore, 75% of respondents won’t trust RBA forecasts again.
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Michael Walls
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