A recent report by the Real Estate Institute of Australia (REIA) discovered average Australian’s are spending more than 31.7% of their family income on mortgage repayments, a fact I can attest to through the number of calls I’ve fielded this year from borrowers seeking help in lowering their repayments.
It’s no surprise Victoria tops the list with Sydney not far behind.
In interviews I’ve personally conducted with borrowers seeking advice or help, invariably their situations have been exacerbated by flat wage growth, increasing living expenses and unscheduled mortgage interest rate increases as APRA seeks to tighten capital requirements of major and second tier banks alike.
What’s the answer? Well there’s no magic pudding but talking through your situation with a mortgage expert will often expose area’s you can reduce your monthly loan repayments, possibly by consolidating other debt, switching to a lower rate or converting to a fixed rate offering peace of mind against rising repayments and in doing so, allow you to budget with confidence.
Call us today to discuss ways we can help you get back on track. Your mortgage is our business
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