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.

that's not very many

88% of aussies keeping up or ahead with mortgage repayments

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



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

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.

airbus' australia