The cost of living remains the leading cause of financial stress among Aussie households, but the number who are struggling to meet their mortgage commitments is down.
This is according to the results of the biannual Genworth Homebuyer Confidence Index (HCI), which shows all states (Tasmania aside) saw an improvement in sentiment.
Genworth CEO Ellie Comerford said the results are a strong indication of how Australians view current market conditions. “Cost of living pressures remain but today’s interest rates are lowering the cost of mortgages, allowing people to save more and in turn improving sentiment and a perception of being more financially secure in the year ahead.”
Victoria saw the largest increase in sentiment, according to the HCI, overtaking New South Wales and Queensland. Victorian borrowers are among the least likely to be experiencing mortgage stress, and among the most likely to believe that now is a good time to buy a home.
South Australia saw the second highest increase in sentiment and its households are among the least likely to have experienced mortgage stress in the past year at 17%.
Surveyed Queenslanders had the highest debt levels and the highest expectation of difficulty meeting repayments. One third reported spending more than 50% of their income on servicing debt. However, 54% believed now is a good time to buy a home – the highest by state.
Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker
Top Suburbs :
Get help financing your investment
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local expert Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus, our mortgage broking service is at no cost to you.
We value your privacy and treat all your information seriously - you can check out