45 Per Cent of Surveyed Australians Struggling to Meet Mortgage Repayments, Despite Record Level Low Interest Rates

Kevin RuddALMOST 12,000 Australians who took advantage of the ALP Government’s First Home Owner’s Grant are struggling to meet their mortgage repayments.

Adviser Fujitsu Consulting says 45 per cent of the 26,000 borrowers it surveyed, who had entered the market since mid 2008, were experiencing “mortgage stress” or “severe mortgage stress”.

Mortgage stress refers to a situation where a household spends a third of their income on home loan repayments.

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REIA proposes long-term solutions to assist the first home buyer market

REIA LogoThe Real Estate Institute of Australia (REIA) has urged the Government to review the amount of the First Home Buyers Grant (FHOG) in its Pre-Budget Submission, so that it maintains its relativity to when it was introduced in 2000.

“We are calling on the Government to increase the FHOG to $15,000, for both new and established homes, and then index the grant to median house price movements annually”, said REIA President, Mr David Airey.

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