Some on here have lived thru those years when housing interest rates went up to 18% and other money borrowed went to around 22 - 23% around 1989 - 90.
The amount of people and businesses that went under back then was at record levels in the recession we had to have.
If people are feeling mortgage stress at these current levels of around 4.5%(lending) you have to look at your current circumstances, and firstly what adjustments you personally have to make to combat this.
It is sad that someone loses their job but it is better to be working for something than to bring home nothing in the short term and most housing loans today are based on two income families to be able to get into the market otherwise the banks maybe should not have lent you the money which has come out from the result of the banking royal commission.
And if rates do go down with the latest drop from the RBA how may will actually keep paying the higher monthly installment to lower their loan or go down to the new lower payment amount and spend that extra money at the local coffee shop.
People are in charge of their own destiny and if you have to work that bit harder and get that second job so be it, I had a couple of friends that went under in the early nineties but they recovered again and did well. I was lucky to survive as well with interest payments alone of around 1k a week but worked 7 days a week for two years to finally get on top of things and times were tough emotionally and physically.
I have sympathy for some but for a lot of others I don't, people need to look at themselves first when it comes to finances.
