Mortgage stress is a growing problem
The proportion of prime Australian housing loans now in arrears has been rising in Australia for the last six months according to Standard & Poor’s.
About 1.14 per cent of home loans funded by mortgage-backed securities are in arrears, up slightly from March 2016. Arrears means behind on repayments by at least 30 days. If you are having problems repaying your home loan, because of unforeseen circumstances, you can ask for hardship assistance from your lender.