The degree of stress in mortgage land may be overstated, or so the experience of ANZ suggests. “What’s surprising is the cohort of people moving from fixed to floating – the so called mortgage cliff ... they are actually less stressed than the average customer,’ Shayne Elliot, ANZ’s CEO told a hearing of the House Economics Committee yesterday. “It’s counter-intuitive; they are not surprised. They prepared for it,” he said. “Total stress is lower than it has been, because unemployment is low.” NAB CEO Ross McEwan, at the same hearing, said: “We know it feels hard, and is hard, for many Australians. NAB’s Wellbeing survey shows financial stress is growing, with one in four feeling worse off financially than just a year ago. “Despite this, our customers are proving resilient. They are adapting and making considered changes to where they spend.  “Our research shows Australians are saving by re-prioritising their spending. “Since interest rates started rising in May 2022, we have contacted more than half a million customers to see how they’re doing. This includes 8,600 home loan customers who we thought were most at risk, but after checking in with them, surprisingly only 14 wanted immediate help. “The number of customers in hardship, while growing, remains below pre-Covid levels.”