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Mortgage Stress

Mortgage Stress is Seen in Average Aussie Homeowners

December 3, 2015

According to an industry study out today, an average Aussie homeowners are suffering from the mortgage stress, as 31.7 per cent of their monthly income got spend on mortgage repayments.

The REIA Adelaide Bank released its Housing Affordability Report for the September quarter, that shows that housing affordability in Australia is now decreasing, as percentage of income required to meet the loan repayments increases by 1.4%.

REIA President, Neville Sanders said, “Unfortunately, housing became less affordable during the third quarter of 2015 largely due to the increasing size of new loans. Rental affordability however, improved thanks to relatively stable rents across the capitals. The proportion of income required to meet median rents was 24.6 per cent during the quarter. All jurisdictions saw better rental affordability”.

In NSW, the housing affordability is declined to much greater extent as the percentage of income required to meet the loan repayments increases by 2.4%. This makes NSW unaffordable state for a house purchase. Whereas ACT now a days is counted as the much affordable state for home buying.

Along with it housing affordability has improved in Queensland, Western Australia, Tasmania, the Northern Territory and the ACT, if compared with the last year results.

News Source: http://www.news.com.au/finance/real-estate/buying/industry-report-shows-the-average-australian-homeowner-is-now-suffering-mortgage-stress/news-story/f245bbe7ae71893e71f41ee0eadaae90

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