Almost 1.5 million Australian households are currently experiencing mortgage stress despite Federal Government support programs to help ease the financial burden of COVID-19.
According to DFA, mortgage stress is defined as a household being forced to pay out more each month than income being received. Described as the "September cliff" – when government support programs are removed – DFA projects that the number of distressed mortgage-paying households could rise to 40.3 per cent.
"The largest counts are found in NSW and VIC, whereas the highest default projection rates are found in WA.Broken down by suburb, Mr North said the postcode under the most stress was 3350 in Ballarat, followed by Hillside and Sydneham also in Victoria , Tamala Park in Perth and Cranbourne in Melbourne .
It's not going to be pretty. But at least Scott Morrison has provided most with a fighting chance to survive this crisis ScottMorrisonMP
Seen how the US economy has been going lately?