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With increasing interest rates, a greater number of Australians are facing some form of financial difficulty.

The latest NAB Financial Hardship report has found that a quarter of Australians are struggling to make ends meet, with one in three citing money as a significant source of stress. The report shows that not having enough money for emergencies, food, and bills is a common problem, with one in five admitting to missing a bill in the past three months. Despite rising interest rates, being unable to meet mortgage repayments was found to be the least of Australians' financial worries. However, this reprieve may come to an end for many borrowers soon.

With increasing interest rates, a greater number of Australians are facing some form of financial difficulty.

According to NAB’s latest Financial Hardship report which surveyed 2000 people, a quarter of Australians are becoming more and more concerned about making ends meet.

One in three identified money as a significant cause of stress in their lives, the NAB report revealed that the most common forms of difficulty wer not having enough money for an emergency (21%), not having enough money for food and basics (16%), and being unable to pay a bill (14%).

Furthermore, one in five said they had missed paying a bill in the past three months, with most being energy and water bills.

Financial difficulty was also found to be more common among those among younger age groups (18 to 29-year-olds and 30 to 49-year-olds).

Interestingly, despite rising interest rates, the report found that being unable to meet mortgage repayments was causing Australians the least amount of financial challenge (5%).

This may be due to borrowers drawing on the savings they accumulated during the pandemic to repay their mortgages or to the fact that many borrowers were ahead with their loan repayments.

Another reason is that many borrowers are still on fixed rate mortgages and have not yet felt the full brunt of the interest rate increases. This reprieve, however, will come to an end for a large number of borrowers in April/June when most fixed rate mortgages, taken out when interest rates were in the 2 to 3% range, come off their fixed rate term.

If your fixed mortgage is due to change to variable rate, it may be advantageous to see us. 

We are here to help you (or help our customers and prospective clients?) make the transition from fixed to variable and minimise the impact of higher interest rates on your household budget.

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I have been with Ivy for 10 years. Ivy always exceeds my expectation and makes me feel my needs are a priority. Her professionalism and knowledge are of an extremely high standard and the communication and efficiency throughout the whole process was above and beyond. More than happy with the service from Ivy and Smart Mortgage and would not hesitate to recommend their services to others.
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My family uses Smart Mortgage to assist with the purchase of our home, investment, properties and commercial lending. Ben Ou, the Manager Director and his team are very experience and have always made our loan processes easy. I would highly recommend Smart Mortgage to my friends and clients who require finance for their properties. I am confident that the Smart Mortgage’s team will look after the customer’s best interests.
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RE/MAX Number 1 Sales Team
Having worked with Angela for over 10 years, she has always been very professional and always puts my needs and interests first. Her work ethic is excellent and I trust in her abilities to always provide me with honest advice to help me reach my financial goals. My husband and I have several home and commercial properties with Smart Mortgage and I would highly recommend them to anyone who is looking for a company who truly puts your interests first.
Anh Pham
Manager at Queensland Soy Factory
I have dealt with Smart Mortgage for many years. There have been a few properties I have bought and sold over this period. Angela Duong is the person I have dealt with for my home loans. I have known Angela for over 10 years and have always found her and the staff at Smart Mortgage to provide outstanding services. Buying and selling houses are some of the most stressful things a person can go through in life. Knowing that Smart Mortgage are very professional and committed to the complete process from start to finish is a great relief.
Anne Poulton
Property Buyer
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