After falling to near-record lows in the March quarter, Roy Morgan’s measure of mortgage stress has picked up this quarter. But the researcher says stress levels are still about half the level they reached during the financial crisis.

Roy Morgan classifies a mortgage borrower as “at risk” if their repayments exceed 25 to 45 per cent of after-tax household income (depending on income and spending).

The proportion of at-risk borrowers in the March quarter was 17.5 per cent, rising to 18.3 per cent based on interest rate increases already announced.

Back in the middle of 2008, at the height of the GFC, the proportion of at-risk borrowers, on Roy Morgan’s measure, was 35.6 per cent.

Roy Morgan does not say how it classifies an “extremely at-risk” borrower. The proportion of extremely at-risk borrowers in March was 10.7 per cent, rising to 11.3 per cent based on rate increases.

During the GFC the proportion of extremely at-risk borrowers exceeded 25 per cent.

Roy Morgan chief executive Michele Levine said in a statement: “As long as employment numbers remain strong, the number of mortgage holders at risk will not spike alarmingly.”