Truck Loans Australia :: News

Share this news item!

Mortgage Crisis: 40% of Australian Homeowners Under Pressure

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

A recent study has uncovered that an alarming number of Australian households are grappling with mortgage burdens, as over 1.4 million families find themselves in financial distress.

This amounts to more than 40% of current home loan holders, according to new data from Finder, a consumer finance comparison service.

The latest survey results, gathered consistently by Finder since 2019, revealed the most elevated levels of mortgage stress witnessed to date.

Compounding this concern, approximately 13% of surveyed households admitted to having missed one or more mortgage payments in the last six months.

The persistence of overleveraging among families is a significant component of this issue. As of August 2024, the typical owner-occupier loan has increased to $634,479, marking a 1.3% rise from the previous month. Over the past 12 months, the average mortgage figure has escalated by 9.3%, Australian Bureau of Statistics (ABS) data reveals.

Despite the economy showing signs of stagnation, the cash rate has remained unchanged since November 2023, keeping it at its highest point in 12 years. As Finder highlights, this has resulted in Australians allocating a disproportionate segment of their incomes solely to cover home loan repayments.

Insights from ANZ CoreLogic indicate an upward trend in income allocation towards mortgage servicing. Australians now use over 46% of their income for new mortgages, compared to 40% the previous year. The scenario is more severe in Sydney, where it takes in excess of 58% of an average household's income to manage mortgage payments.

Financial counselors commonly advise that households should not channel more than one-third of their income into mortgage payments.

Adding to the challenge is the diminishing savings buffers for Australians over the past decade. The ABS’s latest National Accounts report highlights a severe decline in the household savings ratio, plummeting to 0.6%-a substantial drop compared to a year-back in June 2022.

“While many mortgage holders have navigated rate hikes up until now, they are currently under acute financial pressure as their savings and emergency funds rapidly dwindle,” observed Finder’s Richard Whitten.

Whitten further emphasized, “For a growing number of Australians, housing-related costs are a primary stress factor, with numerous households struggling to stay afloat.”

Published:Monday, 9th Sep 2024
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

Share this news item:

Finance News

NatRoad Demands Action Against Illegal Employment in Trucking

13 Nov 2025: Paige Estritori

The National Road Freight Transport Association (NatRoad) has recently highlighted a pressing issue within Australia's trucking sector: the prevalence of illegal employment practices, notably sham contracting. This practice involves misclassifying employee drivers as independent contractors, allowing companies to evade obligations such as payroll tax, superannuation, and workers' compensation insurance. Such misclassification not only undermines fair competition but also jeopardises road safety standards. - read more

Celebrating Excellence: ATA's 2025 Award Winners

13 Nov 2025: Paige Estritori

The Australian Trucking Association (ATA) has proudly announced the recipients of its 2025 awards, recognising exceptional contributions to the trucking industry. These accolades highlight the dedication and expertise of individuals and organisations committed to advancing the sector. - read more

Isuzu's Landmark Report Sheds Light on Trucking Industry Trends

13 Nov 2025: Paige Estritori

Isuzu Australia Limited (IAL) has released a comprehensive industry report titled 'The Future of Trucking Report: The Way Forward.' This extensive survey, involving over 1,300 respondents from various transport sectors, provides valuable insights into the current state and future trajectory of Australia's road transport industry. - read more

ATA Advocates for Major Road Upgrades to Enhance Transport Efficiency

05 Nov 2025: Paige Estritori

The Australian Trucking Association (ATA) has unveiled a comprehensive plan to alleviate the financial burden on Australian households by proposing a $5 billion investment in targeted road upgrades over the next decade. This initiative is designed to support the adoption of high-productivity and low-emission trucks, thereby enhancing the efficiency of the transport sector and contributing to a reduction in the cost of living. - read more

Australian Truck Sales Exhibit Signs of Recovery in Third Quarter of 2025

05 Nov 2025: Paige Estritori

The Australian truck and van market is showing signs of stabilisation in the third quarter of 2025, despite an 11.8% decline in year-to-date sales compared to the previous year. This trend suggests a potential turning point for the industry after a period of sustained softness. - read more

Click for more Finance News

Truck Loans Articles

How to Budget Effectively for Commercial Vehicle Loan Repayments

Managing repayments for a commercial vehicle loan is a critical aspect of running a successful business. Without a solid plan, unexpected costs and missed payments can create financial strain. - read more

Balloon Payments, Residuals and Their Place in Your Truck Loan

The pursuit of a quality truck or fleet can be a significant undertaking for any business, especially within the dynamic and ever-expanding Australian transport industry. An understanding of the variety of financing options available within this sector is crucial, as it allows businesses to strategically acquire heavy vehicles that are vital to their operations. - read more

Common Pitfalls to Avoid When Applying for Commercial Truck Financing

Securing the right financing is a crucial step for any commercial trucking business. With the right loan, businesses can acquire the essential vehicles and equipment needed to expand their operations and improve efficiency. However, navigating the landscape of commercial truck financing can be challenging, especially for those unfamiliar with the process. - read more

10 Essential Tips to Improve Your Chances of Loan Approval for Commercial Trucks

Securing a loan for commercial trucks is a crucial step for businesses in the transportation and logistics industry. Without a reliable fleet, companies may struggle to meet the demands of their clients and risk losing valuable contracts. This is why obtaining loan approval is not just beneficial, but essential for many Australian businesses aiming to expand or update their operations. - read more

How to Create a Safety-First Culture in Your Trucking Business

Creating a safety-first culture in the trucking industry goes beyond merely following regulations. It means prioritizing the well-being of drivers, the integrity of the cargo, and the security of the fleet. In this context, a safety-first mindset influences daily operations, decision-making, and long-term strategies. It's about cultivating a work environment where safety is an integral part of every action and thought. - read more

Start Here

Get a free truck loan eligibility assessment and compare truck finance and leasing options without accessing your credit file!!

Knowledgebase

Mortgage Broker:
A person or company that acts as an intermediary between borrowers and lenders, but does not lend money directly.