RFI - In the Know
Mortgage Stress: Prepare for Impact
Mortgage Stress is having a significant impact around the globe and is causing changes in consumer behaviour. The number one driver is increased cost of living, and consumers try to make ends meet.
Some other key factors:
- Immediate response to rate rises: 22% borrowers in AU and UK experiencing customer stress / repayment concerns (up from 14% in May ‘22)
- Risks: Likely to see switching intent
- Opportunities: A chance for acquisition
- Recommendations: Focus on retention and providing genuine empathetic support for existing customers