Sun, 15th Sep 2024

In this episode of the Weekly Finance News Wrap, host Paige Estritori highlights the current mortgage stress in Australia. A recent study reveals that over 40% of homeowners, representing approximately 1.4 million families, are under severe mortgage stress- the highest level since surveys began in 2019. Compounded by the cash rate lingering at a twelve-year high, Australians are spending 46% of their income on new mortgages, with an astonishing 58% in Sydney. This financial hardship is further intensified as savings ratios have plummeted to only 0.6%. As such, housing costs have emerged as the primary stress factor for families across Australia.n