Mortgage stress hurts 560,000 Australians

Mortgage stress hurts 560,000 Australians

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More than 560,000 Australian households are experiencing some degree of mortgage stress, according to a new report.

Fujitsu’s October Stress-O-Meter showed the number of households in mortgage stress increased by 1.4 per cent last month on the back of rising interest rates.

The report, based on a survey of 26,000 households, also reported a 7 per cent increase in severely stressed households (those facing a potential sale or foreclosure).

That number is expected to increase as rates and unemployment rises.

Fujitsu predicts unemployment will now peak at 6.75 per cent and interest rates will be 2.5 per cent higher in June 2010.

But despite the increase in mortgage stress, the number of Australian currently suffering mortgage pain is still a far cry from the 900,000 peak experienced in August 2008.

More than 560,000 Australian households are experiencing some degree of mortgage stress, according to a new report.

Fujitsu’s October Stress-O-Meter showed the number of households in mortgage stress increased by 1.4 per cent last month on the back of rising interest rates.

The report, based on a survey of 26,000 households, also reported a 7 per cent increase in severely stressed households (those facing a potential sale or foreclosure).

That number is expected to increase as rates and unemployment rises.

Fujitsu predicts unemployment will now peak at 6.75 per cent and interest rates will be 2.5 per cent higher in June 2010.

But despite the increase in mortgage stress, the number of Australian currently suffering mortgage pain is still a far cry from the 900,000 peak experienced in August 2008.

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