If you don't get it, it might be time to refinance somewhere else," Cooke said.įinder's data shows mortgage stress is most prevalent among women, with a worrying 47% of women struggling to pay their home loan in May, compared to 32% of men. "If you haven't already, try to negotiate a lower rate with your lender. "Many are facing the frightening prospect of defaulting on their loans and potentially losing their homes. "With 11 interest rate rises over the past 12 months, and potentially another one or two on the horizon, millions of mortgagees are at the end of their tether. Graham Cooke, head of consumer research at Finder, said panic was starting to set in. This comes as 44% of experts from Finder's RBA Cash Rate Survey forecast another increase to the cash rate in June.
The percentage of those struggling to pay is up from 24% – or 792,000 households – 12 months ago in May 2022. This is the highest proportion recorded since Finder began tracking the question in 2019. All international money transfer servicesĪ record number of Australian homeowners are struggling to pay their mortgage, according to new research by Finder.Ī staggering 40% of Aussie mortgage holders – equivalent to 1.32 million households – admit they struggled to pay their home loan in May.High interest savings accounts Australia.
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