Devastating map shows the Great Australian Dream being shredded in Melbourne

Ordinary Melburnians are struggling under draconian lockdowns with up to 97 per cent of home borrowers unable to pay their mortgages in some suburbs.

Melbourne is home to seven of Australia's ten worst postcodes for mortgage stress where home borrowers can't service their loan and pay their bills on time.

Victorian Labor Premier Daniel Andrews' Stage Four lockdowns are financially hurting young, growing families in the suburbs and the prospect of more restrictions risks causing more businesses to close.

The big banks in September are also auditing borrowers to see if they can start servicing their loans again after six months of mortgage repayment holidays.

Unemployment too is tipped to hit double-digit figures by Christmas for the first time since 1994.

Ordinary Melbournians are struggling under draconian lockdowns with up to 97 per cent of home borrowers unable to pay their mortgages in some suburbs

Ordinary Melbournians are struggling under draconian lockdowns with up to 97 per cent of home borrowers unable to pay their mortgages in some suburbs

Australia's worst suburbs for mortgage stress

1. Pascoe Vale, Pascoe Vale South in Melbourne's north: 97 per cent

2. Narre Warren East, Narren Warren North in Melbourne's outer south east: 96.8 per cent

3. Grasstree Hill, Honeywood in Hobart's north: 96.6 per cent

4. Belgrave, Tecoma in Melbourne's outer south east: 96.1 per cent

5. Armadale, Armadale North in Melbourne's inner east: 95.6 per cent

6.  Aberfeldie, Essendon in Melbourne's north: 95.2 per cent

7. Rose Bay in Sydney's east: 94.5 per cent

8. Mount Evelyn in Melbourne's outer north east: 94.1 per cent

9.  Endeavour Hills in Melbourne's outer south east: 93.8 per cent

10.  Kambah in Canberra's outer south: 93.5 per cent

Source: Digital Finance Analytics data on the proportion of borrowers by suburb who were in mortgage stress in August 2020  

Advertisement

In Australia's worst-affected suburb Pascoe Vale, in Melbourne's north, 97 per cent of borrowers are suffering from mortgage stress, Digital Finance Analytics data showed.

At Narre Warren, in Melbourne's outer south east, 96.8 per cent of mortgage holders are in dire straits.

The awful story was similar in nearby Belgrave with 96.1 per cent of borrowers struggling in the suburb that is home to the closed Puffy Billy steam train tourist attraction.

Rich and poor suburbs alike are in trouble in Australia's second biggest city with 95.6 per cent of borrowers struggling in upmarket Armadale as a similar proportion, 95.2 per cent, buckle to financial pressure in working class Aberfeldie and Essendon in the city's north.

Outer suburbs more than 30km from the city centre were also a red zone with 94.1 per cent of mortgage holders financially treading water in Mount Evelyn as 93.8 per cent of borrowers at Endeavour Hills wondered about their next bill.

Digital Finance Analytics principal Martin North, an economist, said this was not just an economic crisis - with many borrowers a month away from disaster.

'The pressure on these households is not just financial, it translates into both social and economic pressures as well,' he told Daily Mail Australia. 

sonos sonos One (Gen 2) - Voice Controlled Smart Speaker with Amazon

read more from dailymail.....

NEXT Troubled girl, 16, takes her own life on school grounds