Australian Mortgages and rates
Jun 8th 2005, 6:56 am
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Australian Mortgages and rates
Some interesting comments on the Australian market from: http://www.yourmortgage.com.au/news/index.cfm?i=5011
A survey between May 20 and June 1, 2005, showed that most respondents placed a high importance on paying off a home loan quickly, with 69 per cent, of those with mortgages, making extra repayments into their loans.
72.8% of respondents thought the Reserve Bank would increase rates before the year ends, while 15.2% felt this wouldn’t happen, and 11.9% were unsure.
of respondents with mortgages:
10.2% felt a rate rise would have a ‘drastic’ effect on their finances.
54.2% thought a rise would have a ‘noticeable, but not severe’ impact.
35.6% felt the effect would be ‘minimal’
Hearteningly, rather than just bemoaning the situation, many people appear to be sensibly preparing their finances to weather a possible rise – putting more money into their loans and building up a buffer zone for protection
Despite the current downturn in property investment, 41.7% of respondents said they would still rather invest in property than anything else. This was not the case for 31.1% of respondents, while 27.2% were not sure.
A survey between May 20 and June 1, 2005, showed that most respondents placed a high importance on paying off a home loan quickly, with 69 per cent, of those with mortgages, making extra repayments into their loans.
72.8% of respondents thought the Reserve Bank would increase rates before the year ends, while 15.2% felt this wouldn’t happen, and 11.9% were unsure.
of respondents with mortgages:
10.2% felt a rate rise would have a ‘drastic’ effect on their finances.
54.2% thought a rise would have a ‘noticeable, but not severe’ impact.
35.6% felt the effect would be ‘minimal’
Hearteningly, rather than just bemoaning the situation, many people appear to be sensibly preparing their finances to weather a possible rise – putting more money into their loans and building up a buffer zone for protection
Despite the current downturn in property investment, 41.7% of respondents said they would still rather invest in property than anything else. This was not the case for 31.1% of respondents, while 27.2% were not sure.
