Home loan payments easier for Australians
(7 May 2010 – Australia) According to the latest Mortgage and Finance Association of Australia (MFAA)/BankWest Home Finance Index conducted in March this year, Australians are more likely to be finding it easier to make home loan repayments now than two years ago.
Fewer people were making late repayments and even fewer were behind on repayments. In addition, those feeling some difficulty making repayments were down from 25.7 percent to 16 percent.
Conversely, those likely to be finding it easier to make their home loan repayments jumped from 67.4 percent in April 2008 up to 80.2 percent this year.
Phil Naylor, MFAA chief executive, said that the Index showed many people were expecting the cash rate to keep climbing. Almost half (47.1 percent) predicted rates would rise by more than 0.5 percent by March 2011.
This rate rise expectation has arguably led to customers being more diligent at factoring in changes to their mortgage payments and budgeting accordingly.
Regarding the general well-being of the Australian economy, a mere 15.4 percent of respondents agreed it felt like Australia was in a recession, a sharp decrease from a peak of 44.5 percent in May last year.
Conversely, those likely to be finding it easier to make their home loan repayments jumped from 67.4 percent in April 2008 up to 80.2 percent this year.
Phil Naylor, MFAA chief executive, said that the Index showed many people were expecting the cash rate to keep climbing. Almost half (47.1 percent) predicted rates would rise by more than 0.5 percent by March 2011.
This rate rise expectation has arguably led to customers being more diligent at factoring in changes to their mortgage payments and budgeting accordingly.
Regarding the general well-being of the Australian economy, a mere 15.4 percent of respondents agreed it felt like Australia was in a recession, a sharp decrease from a peak of 44.5 percent in May last year.
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