‘70 per cent’ mortgage stress

Ian Rogers

The recession will be localised, severe and then it will spread.

Alarming new research by Redbridge Consulting implies faster growing banks - and think Macquarie - have much to fret about. 

In some areas, an astonishing 70 per cent of mortgage holders pay more than 30 per cent of their income on their mortgage. 

They do in one outer metropolitan electorate of Melbourne. 

Kos Samaras, a Redbridge principal, left the specific location out of his Facebook post last night. 

Knowing Samaras’ other work a bit, I bet it’s outer northern. 

So those lending big in Melton, Sunbury, Whittlesea or Doreen or nearby should be nervous.

The brutal truth is, too many people bought houses when they should have continued renting.