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Mortgage pain worse than during GFC: survey

By webmaster 04 August 2011 | 1 minute read

More than a quarter of Australians will have problems meeting their mortgage repayments over the coming months, new research has revealed.

According to RFi’s latest quarterly mortgages monitor report, 26 per cent of Australians admitted they were struggling with their repayments – the highest number on record.

“We have been conducting this survey right throughout the GFC and this is the highest percentage of Australians to openly admit they are or will struggle with their mortgage repayments,” RFi director Alan Shields told Real Estate Business.

Mr Shields said high interest rates and the rising cost of living was to blame.

“The higher cost of living is really affecting certain borrowers,” he said.

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“People are concerned about how much they are spending on their groceries and how much their electricity bill is. And, at the time we were in the field, the carbon tax was a hot topic of conversation. People are concerned about this expense. Whether they are forced to pay it directly or not, it is weighing on their minds.”

RELATED TERMS

Mortgage

Mortgages are loans that are used to buy homes and other real estate where the property itself serves as collateral for the loan.

Mortgage

Mortgages are loans that are used to buy homes and other real estates where the property itself serves as collateral for the loan.

Survey

A survey is a document that determines the position of boundaries or property lines which shows the land, structures and features that are legally owned.



Mortgage pain worse than during GFC: survey
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