Three in five mortgage holders now in financial stress, report finds

Three in five mortgage holders are in financial stress and spending more than a third of their income on loan repayments, according to shocking new data. The Finder 2026 Home Loan Report revealed 1.4 million people are spending at least 40 per cent of their take home pay on mortgage repayments, which is well above recommended levels. MORE: Sydney’s hidden mortgage default hotspots revealed Finder home loan expert Richard Whitten said many households didn’t think they could save any money by refinancing. MORE: Revealed: Insane amount Albo just cost Australia The author of the report, Richard Whitten, said it showed many homeowners are being pushed to their limit, with only 34 per cent of people “comfortably” affording their mortgage. “When your home loan is consuming close to half your take-home pay, it leaves very little room for anything else,” Mr Whitten said. “There’s simply less money left to build savings, invest or cope with unexpected expenses,” he said. Shockingly, one in five mortgage holders report cutting back on essentials like groceries to afford their repayments. MORE: ‘Low’: Report today to force RBA to cut rates Only 39 per cent of people are comfortably paying thei...