Calls for mortgage help double as interest rates bite
Requests for help from Mortgage Stress Victoria doubled between January and August as rate rises and cost pressures mounted.
A free Victorian service helping people with mortgage stress has paused new intakes except for those needing urgent help. Calls to Mortgage Stress Victoria doubled between January and August.
The National Debt Helpline also saw sharp increases. More than half the service's clients work, not receive welfare.
This shows the strain is hitting working people across all income levels. Interest rates at a 15-year high are pushing households in several Melbourne growth corridors like Narre Warren, Cranbourne and Pakenham into crisis.
- Doubled between January and August
- Call volume increase
- 4153 in August vs 2990 same time last year
- Calls to National Debt Helpline
- 15-year high
- Interest rate level
Why it mattersSurging demand for hardship services signals households are running out of money; if the trend continues, more families risk homelessness or forced home sales.
AustraliaVictorians struggling to pay mortgages are now seeking help at record rates; the crisis is spreading to employed families, not just welfare recipients, and may reach other states if rates stay high.
✓ Claims checked against the source and corrected before publish. checked 2 h ago
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