Australian’s Quest for McMansions Causing Debt to Sky Rocket

bad credit home loans

The idealism surrounding Australian home buyer’s quest for their own four bedroom McMansions, is causing debt to sky rocket. The need to obtain a piece of the Australian Dream with families entering hefty mortgages is causing added stress to household’s nation wide.

The McMansion, featuring four or more bedrooms accounts for 60 per cent of the 1.2 million houses and apartments erected since 1995, the Inquirer has found.

While interest rates are continuing to rise, Australians are struggling to keep up with their mortgage repayments. As Ian Macfarlane from the Reserve Bank stated “For more than a decade household indebtedness has grown at a rate well in excess of the growth of household incomes.” This is worrying news for home owners buckling under the weight of increased McMansion repayments and higher living costs.

Many Australians are looking for refinancing options to alleviate their increasingly dire mortgage debts. If you too are struggling to make ends meet with increased mortgage repayments, look no further than ALC for a solution.

Call us now on 1300 138 188.

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