The findings are based on a survey of more than 2,100 Australians, conducted between June and July, and extrapolated using wider Australian Bureau of Statistics (ABS) data.

The survey also found about half of the workforce experienced at least some level of stress about their finances, with those 'severely' or 'moderately' stressed 'ineffective' at work for 7.7 hours per week.

Sick days among the financially stressed also mounted, averaging out to an additional 1.2 hours every work week.

One in five females reported financial stress, as opposed to just over one in ten males.

Buying a home or looking to refinance? The table below features home loans with some of the lowest variable interest rates on the market for owner occupiers.

Update resultsUpdate
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
Principal & Interest
Featured Online ExclusiveUp To $4K Cashback
  • Immediate cashback upon settlement
  • $2,000 for loans up to $700,000
  • $4,000 for loans over $700,000
5.99% p.a.
5.90% p.a.
Principal & Interest
Featured Apply In Minutes
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
6.14% p.a.
6.16% p.a.
Principal & Interest
Featured Unlimited Redraws
  • No annual fees - None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
  • Redraw freely - Access your additional payments when you need them
  • Home loan specialists available today
6.14% p.a.
6.39% p.a.
Principal & Interest
Flexible Home Loan Options
  • $0 application fee & fast turnaround times
  • Estimate your borrowing power in as little as 1 minute
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

The stress might also peak over the coming months - Standard and Poor's (S&P) said in a report that any present mortgage hardship data does not "reflect genuine debt-serviceability pressures".

"We expect these trends to surface later this year and, more meaningfully, in the first quarter of 2021," the report said.

This coincides with the second wave of mortgage deferrals expiring, after many lenders offered deferrals until March 2021, and is despite renewed positive sentiment in the housing market, with Australians' average debt twice that of their income - led largely by housing - according to the ABS.

Australia's household debt-to-GDP ratio is also about 120%, second in the world only to Switzerland.

AMP's director of workplace super Ilaine Anderson said the stress goes beyond COVID-19 impacts.

"The research – conducted since 2014 – shows that financial stress remains a systemic issue in Australian society," she said.

“This is spilling into work with stressed employees worried and distracted, and not performing at the levels they’re capable of, or they don’t turn up at all. The combined effect is costing Australian businesses billions each year."

AMP's research also comes after CommBank teamed up with the University of NSW's 'Gendered Violence Research Network' to determine key areas for financial institutions to provide support to those undergoing economic and financial abuse.

"Financial abuse is a hidden epidemic affecting thousands of Australians who are experiencing domestic and family violence," CommBank group executive Sian Lewis said.

"Yet, there is limited academic evidence on the issue making it difficult to develop and deliver effective support for people impacted."

Such support measures identified include tailored financial products for victims, increased training for domestic violence support teams, and identifying how financial products can be misused by abusers and perpetrators.

If you or someone you know is experiencing domestic or family violence, call 1800RESPECT (1800 737 732) or visit

For counselling, advice and support call Men’s Referral Service on 1300 766 491 or

In an emergency or if you’re not feeling safe, always call 000.

Non-banks lenders still outperforming major and regional banks

S&P data shows non-bank lenders' COVID arrangements amounted to just 3.5% of the prime loan book in September.

This is ahead of the majors at 5.2% and regionals at 7.2%.

Other banks' arrangements also amounted to 5.5% of the loan books.

A tick over 4% of all low-doc home loans were in arrears by 90 days or more.

These figures are down sharply on May and June's results, however.

For example, 10.9% of regional banks' prime loans were deferred in June.

This data is "reflecting the gradual reopening of the economy in most parts of the country," according to Westpac's credit strategy team.

Ready, Set, Buy!

Learn everything you need to know about buying property – from choosing the right property and home loan, to the purchasing process, tips to save money and more!

With bonus Q&A sheet and Crossword!

By subscribing you agree to our privacy policy