The Sub-Prime crisis is sending the international property market into recession, with property values falling significantly. However surprisingly, the Australian property market continues to rise. How long until Australia follows suit?
Australian property prices compared with income levels are the highest in the world. Our endless mortgage repayments continue, reflecting this dire need to fulfil the Great Australian Dream of owning our own property. Although as interest rates continue to rapidly ascend, we may be heading towards a crash.
Mortgage Repayments Becoming Unaffordable
As Mark Serry quoted in The Australian on April 9th, Eventually, we will reach a point when people simply cannot afford mortgage repayments, especially if the economy weakens or interest rates continue to rise.”
Australian’s mortgage repayments are continuing to eating our wages. Serry attacked the repayment hikes, asserting “Putting too much of our hard-earned into property has negative economic implications for our great country”.
In order to protect yourself from the interest hikes – now may be the time to fix your rates or consider consolidating your loans into one easy repayment.
Call us now on 1300 138 188 for the solution right for you.
