mortgage troubles

Aussies’ mortgage troubles spike

PHOTO: Twice as many Aussies are having issues with their mortgage than earlier this year. Source: Supplied

More than one in 10 Aussies with a mortgage are having problems paying it off, as COVID-19’s hidden impact is revealed.

According to Australian Bureau of Statistics data released Monday, 11 per cent of Australians surveyed were struggling to pay down their homes during October. This is more than double the amount (five per cent) who said they were having trouble doing so in June.

COVID-19’s hidden effect upon mortgages has been revealed. Picture: Istock

COVID-19’s hidden effect upon mortgages has been revealed. Picture: Istock Source: Supplied

The survey, which focused on the impact of COVID-19 on Australian households, also found:

– one in seven (14 per cent) people living in a home owned with a mortgage had their mortgage repayment deferred or reduced (includes mortgages on a current dwelling or an investment property)

– one in 13 people (8 per cent) living in a rented home had their rent payment for the dwelling deferred or reduced

– one in 20 Australians (5 per cent) had a bill or rate payment deferred or reduced.

It was also revealed, four per cent of renters had difficulty paying the rent, or feared eviction during October. This was at the same level on June.

READ MORE VIA NEWS.COM.AU

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