New research from Finder revealed that 42% of Australian mortgage holders – an estimated 1.4 million – struggled to meet their home loan repayments in August, marking the highest level of mortgage stress since 2019.
The Finder study also found that 13% of mortgagors missed one or more mortgage repayments in the last six months, as rising interest rates and larger loans push homeowners to their financial limits.
The average owner-occupier mortgage has now climbed to $634,479, a 9.3% increase from the previous year.
Richard Whitten (pictured above), Finder’s home loans expert, highlighted the growing pressure on homeowners.
“Millions of mortgage holders have managed rate hikes so far, but now they’re facing severe financial strain as their savings and emergency funds dry up,” Whitten said.
He urged homeowners to reassess their home loans and seek better deals.
“If your mortgage is more than 30% of your take-home pay, you're likely experiencing housing stress,” Whitten said.
To help Australians navigate the current housing market, Finder has announced the winners of its 2024 Customer Satisfaction Home Loan Awards, with ING and NAB taking top honours for most loved and most trusted brands, respectively. 
“In the home loan game, loyalty is for suckers,” Whitten said.
Whitten encouraged homeowners to negotiate better deals or switch lenders to reduce their financial burden.
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