Applying for a mortgage is a tough decision to make, especially when you have a spouse and/or kids. There are cases when in fact it’s best to apply for a mortgage on your own. We’ll tell you all there is to know about mortgages and what helps you get your application approved, or what could […]
In April 2009 mortgage stress dropped by 2.8% indicating that the recent Government stimulus payments were most likely used towards home loans.
The total number of households struggling with home loan repayments fell to 568,000 compared with a peak of 900,000 in August 2008.
The stimulus payments have had a noteworthy and positive impact for those who are finding it difficult to make payments on their home loans. However the positive outcome is only temporary and by the end of the year, we may see similar circumstances to those prior to the stimulus packages, especially as we see unemployment rates continuing to rise. Another 400,000 homes could be in severe stress if unemployment reaches 7.5% by the end of 2009.
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As some of the big banks have raised their interest rates higher than the Reserve Bank, many Australians are looking for a way to defuse their mortgage stress.
By refusing to pass on all interest-rate reductions, inflating the Reserve Bank’s increases or adding hikes of their own, the banks have widened the gap between the cash rate and their key interest rates by as much as 1%.
If you’re struggling with home loan repayments you may want to consider refinancing your home loan. Refinancing can allow you to access cheaper interest rates or even unlock the equity in your home to renovate, buy an investment property or consolidate debt. The Australian Lending Centre has years of experience helping people to refinance to achieve these goals.
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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.
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