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As job losses continue to rise as a result of the pandemic due to COVID-19, more homeowners may find greater difficulty repaying their mortgage.
To support Australian homeowners facing financial hardship as a result of the COVID-19 outbreak, some banks are offering up to a six-month repayment deferral on home loan repayments for eligible customers. If you are struggling financially and looking to pause your home loan repayments, contact your bank to discuss how they may be able to help you.
There’s no single definition of mortgage stress, however a common benchmark refers to paying more than 30% of household income in mortgage repayments and associated housing costs.
Mortgage stress is not uncommon – even before the impacts of COVID-19 have been fully realised.
Mortgage stress trends to February 2020 show 32.9% of mortgaged households wrestling with cash flow issues.1 This translates to 1.08 million households in financial stress, according to figures released in March 2020 by Digital Finance Analytics.
If you are experiencing or at risk of mortgage stress, you may like to consider some tips mentioned below to help ease the burden. If you are experiencing financial difficulty due to COVID-19, you may wish to contact your bank.
Mortgage stress may only be short term. If your ability to meet your mortgage repayments is impacted by the COVID-19 outbreak, you may like to find out if you are eligible for support through the Queensland Government’s $4 billion COVID-19 economic relief package.
Other steps may include:
If you are worried about your mortgage repayments, there are steps you can take ahead of time to help avoid mortgage stress. These may include:
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1. Digital Finance Analytics, 5 March 2020, Mortgage Stress Still Climbed in February, accessed 14 April 2020 at www.digitalfinanceanalytics.com/blog/tag/mortgage-stress
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