Newspaper article News Mail Bundaberg Qld.

Households Are Now Stressed

Newspaper article News Mail Bundaberg Qld.

Households Are Now Stressed

Article excerpt

ALMOST 50,000 households are at risk of defaulting on their home loans in the next 12 months and nearly a third of homeowners are in mortgage stress, new figures show.

The latest mortgage stress and default modelling from Digital Finance Analytics for the month of September reveals more than 905,000 households are estimated to be in mortgage stress -- 45,000 more than there were the month prior.

And even high income households are feeling the squeeze. The numbers have been crunched ahead of the Reserve Bank of Australia's October board meeting, with the official cash rate expected to remain unchanged at 1.5 per cent.

Of those households, 18,000 are in severe stress, which means they are unable to meet home loan repayments with their current income. In Queensland, the number of households in mortgage stress increased by 21,500 to 168,051 in September, with around 9,100 of those at risk of default.

But if interest rates were to rise by just 0. …

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