Rural financial counsellors brace for ‘avalanche’ of clients in mortgage stress

Many homeowners who bought during the pandemic property boom will switch from fixed to variable rates this year

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Rural financial support services in New South Wales say they are “bracing for an avalanche of people” in mortgage stress as loans move from fixed rate to variable repayments this year.

The senior financial counsellor at Anglicare Riverina, Chris Heckenberg, said he had already noticed an increase in clients reporting mortgage stress after nine consecutive interest rate rises. But he described this period as “the lull before the storm”.

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