Finder survey shows 31 per cent of younger borrowers have missed mortgage ... trends now
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The proportion of younger Australians struggling with higher mortgage rates is a lot worse than feared with one in three missing their repayments, a new survey shows.
The Reserve Bank of Australia's 10 consecutive interest rate rises since May is biting with Finder's monthly Cost of Living report showing 31 per cent of Generation Z borrowers, born from 1995 onwards, missing a mortgage repayment during the past six months.
By comparison, 11 per cent of Generation Y - aka Millennials - had missed a repayment, while 8 per cent of Generation X borrower were in that position.
'Increases in housing costs are having a higher impact on Australian households than any other metric,' the Finder report said.
'Younger generations were far more likely to report financial difficulty in managing their mortgage repayment.'
Even if borrowers aren't yet missing repayments, the cost of living is making it hard to pay the bills, with 37 per cent of respondents telling Finder they were struggling to meet their mortgage obligations.
The Reserve Bank of Australia's 10 consecutive interest rate rises since May is really biting with Finder's monthly Cost of Living report showing 31 per cent of Generation Z borrowers, born from 1995 onwards, missing a mortgage repayment during the past six months (pictured is a stock image)
Borrowers with an average, $600,000 mortgage have seen their monthly mortgage repayments surge by 37.5 per cent to $3,683 from $2,678 since May last year.
