Tasmania has Australia's second-highest mortgage stress rate at 29.5%, despite having the smallest average mortgages. The driver is income: Tasmania has the lowest median household income of any state at $73,000. Hobart property prices surged during the pandemic as remote workers relocated, and many local buyers stretched to compete. Those who locked in at 2% fixed rates and have since rolled onto 6%+ variable are among the hardest hit nationally.
At the average TAS mortgage of $420,000 on a 6.5% variable rate over 30 years, monthly repayments are approximately $2,655. Against the state median household income of $73,000, that represents roughly 43.6% of gross income — above the 30% stress threshold.
State averages don't tell your story. Use our free calculators to assess your specific situation:
TAS-specific financial counselling services:
State government assistance that may help reduce overall household costs:
Mortgage stress patterns within Tasmania vary by area. The major population centres are: Hobart, Launceston, Devonport, Burnie. Outer suburban and regional areas often experience higher stress rates due to lower incomes and fewer employment options, despite smaller mortgage sizes.
Tax calculators, superannuation tools, stamp duty calculators and more — free at DecisionLab.
DecisionLab Calculators →