Finance counsellors say it’s “really just a matter of time” before Australians start defaulting on home loans due to the financial pressures of rising interest rates and inflation.

Fiona Guthrie, CEO of Financial Counselling Australia, told Tom Elliott recent census data revealed one-in-seven people with a mortgage were already spending more than 30 per cent of their net income on mortgage repayments.

“And that is the technical definition of mortgage stress,” she said.

Press PLAY below to hear her voice her concerns

Picture: Getty iStock