Mortgage stress is surging in Australia. Here’s what to do to keep your home

While the rise may not have resulted in large numbers of people defaulting on their mortgage payments, some economists believe the authority will seek to bring the rate up to more than 3 per cent.

“It could be because of the cost of living. It could be because interest rates are rising,” she said.“But also, some people may have had a change in circumstance. A person whose earning capacity has been impacted by something such as chronic illness would be facing long-term difficulties, for example.Be open and honest

“We encourage customers who would like to discuss their home loan to give us a call so we can talk through their options,” he told 7NEWS.com.au.

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