Hardship applications rise amid struggle for homeowners

The number of Australians struggling to meet their mortgage repayments has jumped materially over the past year as higher interest rates and inflation take their toll on households.

The Council of Financial Regulators says hardship applications have "risen materially" over the past twelve months.

The rise in applications is attributed to the sharp increase in interest rates across Australia and inflation remaining high.

If inflation remains high for longer, more people will fall into the mortgage stress threshold.

This comes as the RBA lifted rates to 4.35 per cent in November last year – their highest level in 13 years.

[lisaayers]

Inflation is bad here in the USA also..Food prices are way to crazy high 😢😢😢

[vernonwhite]

The Australian Government just gave 2 billion $ to ASEAN nations.

[immunePR]

Rate cuts will wont help the irresponsible debt slaves their mortage payments may be lower, but inflation will eat that up. Then it punishes the financialy responsible.
Rates need to go up.

[whiskeygamer]

I couldn't careless for the Albo supporters struggling 😂😂