A majority of potential home buyers avoid buying property because they fear they will lose their job or the cost of living will cripple them, a new survey of mortgage brokers has claimed.
According to a survey conducted by 1300HomeLoan, 26 per cent of brokers said their clients’ most pressing concern was job security while 18 per cent said it was rising living costs.
1300HomeLoan managing director John Kolenda said the results revealed the responsible nature of Australian borrowers which was also reflected in our very low default rates on loans.
“Anyone who thinks that borrowers are rushing in to take advantage of easy credit is kidding themselves because Australian borrowers are very prudent and cautious about taking on debt they can’t repay,” Mr Kolenda said.
“These results show that homebuyers are very preoccupied with their ability to make their mortgage repayments each month over the long term even when they are currently employed.”