Over 30 per cent of Australians experienced mortgage stress in the past 12 months, a study by HomeLoanFinder.com.au has revealed.
According to the study, of the 35 per cent of Australians experiencing mortgage stress, 15.6 per cent said there have been months when they didn’t know whether they would be able to make the repayments.
Speaking to Real Estate Business' sister publication, The Adviser, HomeLoanFinder.com.au’s Jeremy Cabral said there were a number of reasons people found themselves “stressed”.
“Just over 10 per cent recently took a pay cut and consequently found themselves constantly stressed about money, while 9.1 per cent found it hard to juggle a social life and pay the mortgage,” he said.
“Rising utility bills tops the list of borrower concerns, along with job security, interest rates and maintaining a budget.
“As many as 20.91 per cent of Australians are willing to sacrifice their own privacy to maintain their mortgage repayments by renting out a room in their own home.”
But despite the mortgage stress, Mr Cabral said the research also found that 76.27 per cent of Australians believe now is a good time to buy a property.
“Property always performs well, so I think that is why so many Australians believe it is a good time to buy,” he said.