New survey results show the vast majority of new first home owners fear job loss and rising utility bills over all other concerns.
Mortgage Choice conducted the annual survey of 900 first home owners, who purchased within the last two years.
It found 32% feared increasing utility bills would impact their ability to make mortgage repayments.
Fifteen per cent of respondents were concerned over job security, which was an 8% increase on last year’s results. Mortgage Choice said general economic slowdown could be contributing to the sharp loss in consumer confidence.
Interestingly, concerns over interest rate fluctuations decreased significantly from 2011, from 47% of respondents last year to just 13% in 2012.
Mortgage Choice also found owners had saved for longer to purchase their house, hinting at a shift in borrower sentiment.
“This trend is likely to be a result of a number of factors, most notably Australians’ growing penchant to save and buyers’ reluctance to jump into the market quickly when property prices were still falling and further rate cuts were on the cards,” said a spokesperson.
Do you have more than $120k in your super fund? You could use your super to buy property - Find out how
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