Mortgage Stress - Take The Test

Wizard Home Loans and Fujitsu Australia and New Zealand have launched a bold new partnership aimed at easing the burden of mortgage stress.

The move follows the latest Fujitsu research, which shows that 784,000 Australian households are experiencing some form of mortgage stress, up 15 per cent from 712,000 in April 2008. Additionally, Fujitsu’s Mortgage Stress-o-Meter projections estimate 923,000 Australian households will be suffering some form of stress by September.

Wizard Home Loans chairman and founder, Mr Mark Bouris, said mortgage stress was a cancer eating away at too many Australian households.

“This is a national epidemic that requires education and action, not blame,” Mr Bouris said.

“Irrespective of the cause of your financial problems, the most important factor that can determine whether you are able to manage the situation is how quickly you recognise mortgage stress for what it is, and how you combat it.

“Therefore, I’m pleased to announce Wizard Home Loans is partnering with Fujitsu Consulting to launch a national campaign to help Australians understand what mortgage stress is, how to recognise the early warning signs, and practical steps to help you get off the mortgage stress escalator.

“To facilitate this, we’ve prepared ‘Mortgage stress – Don’t stick you head in the sand’. This document - which can be downloaded at www.wizard.com.au/stresstips - outlines multiple strategies to ensure your home remains just that – yours,” Mr Bouris said.

Wizard Palm Beach branch principal, Paul Sinclair, continued that the iconic Australian dream of home ownership was still alive and well. However, he said that now more than ever, the dream needs to be accompanied by a sound strategy that will underpin your financial well-being.

“Wizard is determined to help all Australians work towards overcoming mortgage stress and we want people to be aware of every avenue available to them to avoid losing their home,” Sinclair said.

“I strongly urge people to visit the website and follow the proactive strategies outlined, even if you’re making your mortgage payments on, or close to time. If you’re borrowing heavily on credit cards, and have had to severely curtail your spending, you’re in mild mortgage stress.”