12% of Aussies behind on home loan repayments   :(



News.com.au
November 5, 2023

With another interest rate rise tipped for Tuesday, a survey from Compare the Market has revealed that 12 per cent of Aussies were behind on their mortgage repayments in August.

But, according to an earlier Compare the Market survey, in March this year only seven per cent of homeowners said they had missed a repayment in the past year.

The latest figures show how the financial plight of Aussie homeowners has worsened in the past six months.

Millennials are the generation most likely to be behind on their mortgage repayments, followed by Gen X.

Across the country, NSW homeowners are struggling the most to meet their home loan repayments followed by homeowners in Victoria, Queensland and South Australia.

Compare the Market's Chris Ford said 12 per cent of Aussies are behind on their mortgage repayments.

Compare the Market research lead Chris Ford told news.com.au the number of Aussies behind on their mortgages was “very alarming” and would be “a key consideration for the RBA next week”.

“Another rate rise could really push us to the brink,” Mr Ford said.

But despite the widespread financial pain, the Reserve Bank of Australia (RBA) is widely tipped to raise interest rates when it meets next Tuesday, with 33 out of 35 economists surveyed by The Australian Financial Review tipping a rate rise of 0.25 per cent, which would bring the official cash rate to 4.35 per cent.

Higher than expected inflation figures for the September quarter and stronger than forecast retail sales growth are to blame, as both indicate that Aussies are still spending too much.


But the Compare the Market survey reveals that much of that spending could be taking the form of Aussies taking on more debt.

It found that 69 per cent of us have some type of debt, such as credit card or mortgage debt, personal or informal loans, or buy now, pay later debts.

The survey found that 39 per cent of Australians have credit card debt, 17 per cent owe money to buy now, pay later providers, 10 per cent are paying off a personal loan or car finance, and eight per cent are in debt to a family member or friend.

More Aussies could be forced to sell in the face of added mortgage pain.

The financial woes facing Australians don’t end there; the latest survey also found that 10 per cent owe money to a utility retailer.

And despite accumulating healthy savings during the pandemic, the cost of living crisis has also taken a toll on the savings of Aussies.

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The survey also found that 29 per cent of Aussies have no savings buffer – raising questions as to how they will cope if the cost of living continues to rise.   :(

The group found to have the lowest amount of savings were Gen X, with 38 per cent saying they have no savings in the bank.

By contrast, just 23 per cent of Baby Boomers said they have no savings in the bank, followed by 27 per cent of Millennials and 29 per cent of Gen Z.

The Banks should be running our Economy.
Not Politicians.

that's not very many

The survey also found that 29 per cent of Aussies have no savings buffer – raising questions as to how they will cope if the cost of living continues to rise.   :(

88% of aussies keeping up or ahead with mortgage repayments

Jasin wrote on Nov 5^th, 2023 at 11:20am:

The Banks should be running our Economy. Not Politicians.

Only if they are forced to compete with a Common Wealth Bank.... (not the current Commonwealth Bank) ... as it is - rates are set by the 'reserve bank' - which is no bank at all, but is, rather a collection of bankers intent on perpetuating the gross (sic) profits of the banks..... they should be ousted for a start and certainly not listened to...

Then we can talk................

P.S.  When rates reached (for me ) 14.5% of home rate, I literally went without food to continue to pay my mortgage.  I was also in a hiatus between jobs and only had the dole to live on for several weeks.... during which time that all went to mortgage... no way was I giving up my only home to date in this life - I could safely leave that to future women in my life and future 'representatives of the people' moving the industrial reform goal posts around while flooding the country with too many people while wrecking homes and families with their 'laws' to do that for me...... and leave me destitute and on the streets.

No dog ever left me on the streets with nothing..... no wonder I prefer dogs and cats..... though I am fully onboard with the often dire straits of many young people these days just trying to get ahead and own a home etc... unlike certain groups here, they at least try hard, and don't just come here with their peasant grasping hands and petty backyard Hitler robber baron attitudes and criminal enterprises seeking da marney, da marney, da marney instead of herding goats and picking olives and dates while under the absolute control of some religious fanatic who kills for God/Allah etc.

What's wrong with Australia in a nutshell.... and it all starts with Canberra... Jesus, even our 'prime minister', of mixed illegitimate Irish and Italian birth and conceived on the boat over, is a token WOP.... money's better that way, I guess, and you get preferment for BEING a WOP ......

whiteknight wrote on Nov 5^th, 2023 at 11:38am:

The survey also found that 29 per cent of Aussies have no savings buffer – raising questions as to how they will cope if the cost of living continues to rise.   :(

this is why its vital to crush inflation by not allowing wages to rise

aquascoot wrote on Nov 5^th, 2023 at 2:31pm:

this is why its vital to crush inflation by not allowing wages to rise

how about curbing inflation by crushing profits?

It will get worse.
All part of the great grubberment plan.

When I was young
A man on a standard wage could raise a family, buy a home and with a little effort could own a holiday home on a beach or in the country.

Gradually the grubberment saw that this was not profitable enough for the grubberment.
They want everyone working full time, paying tax, and never out of debt.
And the grubberment is succeeding.
We even have working poor.
Families with both parents working, yet still unable to afford a home and sometimes even rent.

But the grubberment has a plan
Shoehorn people into tiny flats, up to their ears in debt and working a short distance from where they live
Working 10 to 12 hours a day to afford to work and survive.
This is the world the grubberment and their multinational mates are making.
Keep the plebs downtrodden, remove their weapons and control the media.

1984 was a novel
But our grubberment and many others are using it as a guide book.

You left out 'generational debt' from people from shattered households due to the New Order of throwaway relationships and takeaway families (that you still pay for, leaving the giver impoverished for life) and part-time casual as the new 'job' after 'industrial relations reform'.......

Many such have a mortgage, and will not be around in thirty years when it is paid off... so the kids either sell it and split the proceeds, or one maybe tries to keep it going alone.

Generational debt writ large.... brought to you courtesy of you very own government for the people....

Maybe Melbadishu Council and El Cidney Council have something in their 'secession' from the rule of the Vote over the 'voice'...... Melbadishu will refuse to fly the Ozflag on Australia Day and El Cidney wants to drag down all the statues of Elders Past.... out of respect for them, of course....

These councils should both be overthrown and managers installed in their place...... before their filthy divisionist and separatist disease spreads ....

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