Australian interest rates Australian Property

Stressed mortgage holders are rushing to refinance

Tuesday 20 October 2026

Four interest rate hikes this year have placed Australians under severe mortgage stress.

Roy Morgan’s mortgage stress survey suggests the risk of mortgage stress nationally is at its highest level since early 2008, when the cash rate was above 7%.

The percentage of household income spent on mortgage payments is also tracking at its highest level since 1989-90, when mortgage rates hit 17%:

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.