45% of first home buyers are currently in mortgage stress and racking up debt on their credit cards to make home loan repayments. With rates expected to rise again – this obscurity is only going to worsen.
As tens of thousands of young homebuyers use credit cards or other loans to meet their financial responsibilities, they are making paying off a home loan severely stressful because now they have multiple debts with increasing interest to pay off, and their income has remained the same.
During the past 18 months, more than 135,000 young Aussies entered into the property market – lured by the Rudd government’s first-home owner’s grant. Reality has now set in for many of these first-home owners, as interest rates continue to increase, utility and living costs continue to rise – their dream of home ownership in Australia has now turned sour.
More than 50% of first-home owners are predicted to fall into the mortgage stress category by the end of 2010.
If you are suffering by not being able to meet your home loan repayments and your credit card debt or personal loan debt is continually growing, you should consider making a clever monetary change now, to situate yourself better financially in the future.
The Australian Lending Centre offers a range of financial services aimed at reducing debt, reducing interest and saving its clients money – to assist Aussies in having a happier and financially healthier life.
For a free debt analysis and to learn more about what debt solution may best suit your situation – simply fill in an express enquiry form to your right, or call to speak with a debt consultant today on 1300 138 188.