HLG043.docx
This article provides a guide on how to prepare for, and future proof, your home purchase to ensure you avoid experiencing a home loan headache! It also covers a range of actions that can be taken when experiencing mortgage stress.
Inflation and interest rates are rapidly rising in Australia and around the world. This means higher cost of living, higher home loan repayments … and higher mortgage stress for homeowners.
Research by Digital Finance Analytics (April 2022) found that 42.2% of mortgaged households are in “financial flow stress”, which is determined by examining net cashflows and identifying where households are consistently spending more than net income.
Additionally, according to Roy Morgan (September 2022), mortgage specific risk in Australia is set to increase to nearly 1-in-4 mortgage holders by November 2022.
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