Aussies already struggle with mortgages

Almost one in three Australian homeowners were struggling with their mortgage repayments in April after many major lenders have announced rate rises, the new research from comparison side Finder found.

This means that 28% already felt the pinch, according to Finder’s April Consumer Sentiment Tracker, and the mortgage stress would be likely to rise even higher in May and June as monthly payments inflate.

According to Finder’s senior editor, Sarah Megginson, this was a result of a record number of buyers who had entered the property market but they did not budget for a rainy day.

“If you’re seriously struggling to afford your repayments, speak to your lender straight away – they may be able to restructure your loan to ease the pain,” she said.

“Refinancing your home loan is one of the best ways to save money too. The cash rate going up may be a good reason to make your rate go down.”

Finder also conducted an analysis which showed that it was increasingly difficult to save for a home deposit, which in case of Sydney’s prospective homebuyers would mean they would need to give up of more than 52,000 of their takeaway coffees to save for the average deposit.