Living costs are the biggest concern for Australian property owners, a new survey has found.
According to Mortgage Choice’s 2010 Consumer Sentiment Survey the biggest concern among property owners for 2011 is living costs such as utilities and clothing.
This was followed by interest rates, then economic management at the federal government level, job security and food costs.
With continued rises expected in food prices, utility bills and interest rates, 2011 will place pressure on many households’ budgets.
Mortgage Choice spokesperson Kristy Sheppard said the start of the New Year was a perfect time for mortgage holders to review their finances.
“The start of the year is an ideal time for re-evaluating your mortgage choices and preparing a new, forward-thinking budget to help mitigate stress caused by such concerns.
“The ‘Great Australian Dream’ is a widely celebrated feat but the reality of repaying a mortgage can be challenging at times. A financial review can lessen the burden and put you in good stead for the year.”
Financial planners, accountants, lenders and/or mortgage brokers can assist borrowers with budgeting and revising repayment strategies, Ms Sheppard said.