news

Rising bills put pressure on home owners

By webmaster

Australian home owners are struggling to meet mortgage repayments as household bills shoot up at more than double the rate of inflation.

According to ING DIRECT’s latest Financial Wellbeing Index, household bills have risen by 7.5 per cent over the last 12 months – more than double the official rate of inflation.

The greatest price hikes have occurred in essential goods and services - health, schooling, utilities and transport/fuel.

As a result, median savings per household have declined from $9,238 in the fourth quarter of 2010 to $7,215 in the first quarter of 2011.

In addition, 33 per cent of households are “uncomfortable” with their level of personal savings. More than one in four households is “uncomfortable" with their investments and 48 per cent have no investments outside the family home.

ING DIRECT chief executive officer Don Koch said governments need to realise households are under more pressure than official figures are showing.

“That pressure extends across the entire household budget from consistent costs like mortgage repayments to everyday essentials like food and fuel,” he said.

“While household budgets are under pressure, the good news is that job security and unemployment levels are strong which may help in the long term.”

Rising bills put pressure on home owners
SPI logo
Thank you.

Your enquiry has been sent to a local Aussie Mortgage Broker.

We will be in contact with you shortly.
Opps.

error occurred.
Unfortunately Aussie cannot attend to your home loan related enquiry at this stage as you must be a citizen or permanent resident.
Do you need help finding the right loan for your investment?
What Aussie do for you:
  • Give expert mortgage advice to help you find great investment loan deals
  • Help you maximise return by lowering financing costs
  • Save you time and effort by helping with the paperwork
First name
Last name
Location
Mobile Number
Are you an Australian Resident?
promoted stories

Top Suburbs

Highest annual price growth - click a suburb below to view full profile data:
1.
BLUE BAY 49.18%
2.
PAMBULA 43.5%
3.
BERKELEY VALE 42.74%
4.
POINT PIPER 40.52%
5.
NORTH TURRAMURRA 38.12%