Mortgage Stress, Are You Feeling It More than Same Time Last Year?

Frankensnore on 12/03/2024 - 09:50
Last edited 12/03/2024 - 09:52

According to news that I read (can’t find the link anymore, i think its from apple news) the number of people requesting Financial Assistance to their bank has almost doubled from last year. Last year rate is approximately 0.25% cheaper than today.

Compared to March 2022 and 2023, where the rate difference is 3.5%, the number of people requesting Financial Assistance has only increased by 30-40%.

Are you feeling the mortgage stress now?

I understand in ozbargain similar poll existed in Nov or so. But news said the dramatic increase only started in last December.

Poll Options expired

  • 47
    Yes, and also considering to sell my property.
  • 298
    Yes, I feel it much more than last year, but I will keep my property.
  • 422
    No, I am about the same stress as last year.
  • 71
    Yes, I am renting but felt the increased stress.
  • 81
    No, I am renting and not feeling more stress.
Financial Home Loan Loan

Comments

  • ozbargainsam on 14/03/2024 - 20:52

    I voted for the third option 'same stress as last year' because I'm not renting, nor do I have a mortgage (nor did I have one last year). So my mortgage stress level is unchanged.

    Still a while to go for this blind poll.

  • Dollar General on 14/03/2024 - 21:10
    +1

    Media hasn’t reported this yet but one of The Block houses that sold for $4.3M late last year is for sale again for $3.2M.

    Someone doing it tough

    https://www.realestate.com.au/property-house-vic-hampton+eas…

    • Trying2SaveABuck on 15/03/2024 - 03:08
      +1

      The block houses are generally speaking a rip off

      However i understand the people buying them use all the furnishings as a great bug tax write off

    • tomfool on 15/03/2024 - 09:45

      That one was bought by Adrian Portelli, he was just listed as 115 on Australia's rich list doubt he is doing it tough. It also looks like its going to auction in April with a $1 reserve most likley some sort of advertising gimic for his business.

    • Cluster on 15/03/2024 - 15:07
      +2

      The Block houses always fascinate me. The show details how sleep deprived, bickering, and often unskilled people build a house as fast as possible and for the lowest price, and then try to sell it at premium value. I wouldn't expect quality workmanship.

      • thebombout on 16/03/2024 - 19:12

        I summarise it as the "better homes and garden" mentality. Make it look nice with good lighting until the cameras leave. Job done.

  • tsole on 15/03/2024 - 01:01

    Not really, but i do not have a huge amount left on my second mortgage…Do not have a high paying job however I do still live with parents and have 1 and a half rental income coming in monthly that help take a chunck off the mortgage.

  • Trying2SaveABuck on 15/03/2024 - 03:06

    Where is the option for less stressed?

  • pnt on 15/03/2024 - 12:16
    +1

    I would be stressed if I had a loan more than $700K (I have much less). I don't know how kids could keep their heads above water.

    • infinite on 15/03/2024 - 12:31

      What sort of normal kid is getting a loan of more than 700K ?

      • pnt on 15/03/2024 - 13:42
        +1

        Presumably mostly either dual incomes or the rich, but it's got to be tough, if they ever lose a job, or go through a rough patch:

        While NSW has seen a slight decline from its peak mortgage size of $803,235 – recorded in January 2022 – it still holds the largest average new mortgage size across Australia, at $785,405.

        Sally Tindall, research director at ratecity.com.au, said it was concerning to see Aussies take on whopping debt while interest rates were so high.

        “It’s incredible to think borrowers can afford these super-sized loans at a time when mortgage rates are largely sitting in the ‘6’s,” she said.

        Ms Tindall said borrowers should think carefully about their own financial situation before taking on huge debt, instead of just listening to what their lender says they can afford.

        • infinite on 15/03/2024 - 14:49

          So your talking about older adults then, not kids.

          OK.

  • morebunnings on 15/03/2024 - 23:02

    Bought at 4.25%, now at 6%. The fun times are over. Glad I only owe 250k now.

    • cuckchump on 16/03/2024 - 10:26

      i just bought, settlement first week of april…barrowed 400k @6.05%…..siblings were also looking to buy, but they are priced out till they gather up a bigger deposit, so i told them…throw it into my offset and give me 1-2 years to pay down the principal and then you can take back your money….

      • nomoneynoproblems on 16/03/2024 - 14:15
        +1

        Hey bro, I know you’re saving for a house and making 5% interest, but I tell ya what, give me the money so I can avoid paying too much interest myself but in the mean time you’ll feel better about helping me instead.

  • Cookiescream on 16/03/2024 - 01:34

    I am on fix rate (1.98%) until December 2024.

    Your post made me call the bank to understand what my mortgage repayment will jump to, and it will increase close to 70% on what I pay now.

    I have been saving, and I have been a little bit more on my mortgage, but also paying hecs which is annoying

  • Luminary on 16/03/2024 - 12:01

    We were fortunate enough to be able to fully offset our house earlier this year. With back to work, we also made the decision to move in with the parents as they had two free bedrooms in their house which was about 2km from our offices whilst we wait for the completion of another property. This has been a huge financial and time blessing for us so we're just saving as much as we can until the 2nd one finishes. Undecided if we'll sell the smaller property so we can largely offset the second one or if we'll hold two though.

  • HangryCakeStore on 16/03/2024 - 17:05
    -1

    So many idiots who hodl onto there property till the end.. are u the same person who stares at immigrants buying up the houses(do you forgot the top wealthy westerners who own beach houses are the ones fking us over the most) ?
    Secret racism is still racism

    • infinite on 16/03/2024 - 22:00
      -1

      Chat Bot's sure are running wild in here tonight.

  • DiscoJango on 16/03/2024 - 19:06
    +1

    All these people lining up to pay $30 for a basic burger are probably the same ones crying about mortgage stress

  • thebombout on 16/03/2024 - 19:06
    +2

    No. Ate noodles for years and paid of house. I hate banks

    • infinite on 16/03/2024 - 22:02

      Good work mate. Always nice to see good examples of financial discipline in this day and age.

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