Homeowners tighten their belts over Easter

By |

New homeowners are set to turn their backs on the traditional Easter spending spree, according to Mortgage Choice’s Recent First Homeowner Survey.

The survey of first homeowners who purchased in the last two years found that 32% of respondents plan to spend less this Easter than they did last year; 54% plan to spend the same amount and only 14% intend to spend more.

“Taking a battering from the November rate rises and recent hikes to other living costs while witnessing, and in some cases experiencing, the destruction of natural disasters means a leaner, more conservative Easter for many Australians,” said Mortgage Choice spokesperson Kristy Sheppard. “Despite five months of steady interest rates. Borrowers are determined to either put money back in their hip pockets or make sure their outgoing cashflow doesn’t increase.”

“Astute mortgage holders are spending less to repay their debts sooner and create a savings buffer. Some of these and other borrowers may be unaware there are repayment strategies that reduce the overall interest owed on their home loan by utilising their savings, knocking time off the loan term.”

She suggests that borrowers who looking to reduce their mortgage costs can pump regular savings into an offset account to reduce the interest owed and overall loan term; make sure that they’re not paying a premium for features that they don’t need; and use mortgage comparison websites to make sure that they’re getting the best deal.

Do you have more than $200k in your super fund? You could use your super to buy property - Find out how

Top Suburbs : torrensville , willoughby east , marrickville , woolloongabba , berala

go back

Get help with your investment property

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 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 and appointment is free.

How soon would you like a mortgage?
What is your Annual Household Income i $
Do you currently own any Investment Properties?
Do you own your own residence?
How much equity do you have in all your current properties?
First Name
Last Name
Where do you live?
What number can we reach you on?
E-mail address
We value your privacy and treat all your information seriously - you can check out our privacy policy here