The topic of housing affordability has taken on a personal tone following Treasurer Joe Hockey's comments about first home buyers needing "good" jobs, with the Prime Minister revealing that he has felt mortgage stress.

Responding to Hockey’s comments, Tony Abbott said he did not underestimate “just how hard it is for a lot of people” dealing with housing affordability.

“I’m someone who has over the years felt a bit of mortgage stress. Even as a cabinet minister sometimes it's hard to pay a Sydney mortgage and I know over the years I've earnt a lot more than the average person," the PM told reporters in western Sydney on Wednesday.

“So the Abbott family certainly understands what it’s like to have a mortgage. We still have a mortgage – like so many Australians – and I’ve got three daughters, all of whom at some point soon either are getting into the housing market or are looking to get into the housing market.”

Abbott famously joked about mortgage stress when he had to take a $90,000 pay cut on a ministerial salary of more than $200,000 after the Howard government lost office.

“The advent of the Rudd government has caused serious mortgage stress for a section of the Australian community, i.e. former Howard government ministers,” he told The Australian in January 2008.

“You don’t just lose power, in inverted commas, you certainly lose income as well, and if you are reliant on your parliamentary salary for your daily living, obviously it makes a big difference."  

In 2010 it was revealed Abbott took out a mortgage of $710,000.

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First home buyers are losing sleep