Home owners feel pressure as rates rise
(2 December 2010 – Australia) A survey completed before the Reserve Bank’s November decision to raise interest rates, revealed that almost one in ten home buyers believed that the further rate rises could force them to sell their properties.
The survey, commissioned by one of Australia’s largest mortgage brokers- Mortgage Choice, found that 9 percent of mortgage holders could not afford any further increases on the repayments of their loans.
The survey also found that a further two rate rises, which are widely expected for next year, would be the tipping point for around 18 percent of home buyers- pushing them to consider selling.
The consumer sentiment survey questioned 1061 people, 536 of them with mortgages, about property and finance matters.
Mortgage Choice said the findings were borne out by a doubling of calls to the group, most from anxious home buyers wanting to refinance mortgages.
The survey also found that a further two rate rises, which are widely expected for next year, would be the tipping point for around 18 percent of home buyers- pushing them to consider selling.
The consumer sentiment survey questioned 1061 people, 536 of them with mortgages, about property and finance matters.
Mortgage Choice said the findings were borne out by a doubling of calls to the group, most from anxious home buyers wanting to refinance mortgages.
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