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The number of households suffering mortgage stress has fallen from a peak of 900,000 in August 2008 to 546,000 in May, according to Fujitsu Consulting.
The decrease follows the federal government’s move to support stressed borrowers through offering a 12-month grace period on loan repayments for homeowners that lose their job – which requires surety from the banks that the borrower will be able to meet future repayments.
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Statistics from the Supreme Court show Victoria is currently the most affected by mortgage stress, with the number of applications to repossess properties rising to 3,068 in the year to June 30 from 2,797 the year before.
