A record 1.5 million Australian home loan borrowers are now "at risk" of mortgage stress in the three months to July, representing 29.2% of mortgage holders, as the Reserve Bank's interest rate increases early this year flowed through to the wider mortgage market, new research from Roy Morgan has revealed. The July figures – which were the highest since May 2008, when there were 1.46 million mortgage holders "at risk – covered a period of two interest rate increases of 0.25%, taking the OCR to 4.1% in June.
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