Financially stressed Aussies still paying off home loans

Friday 10 June 2011

Article by Mozo

Aussies concerned about their ability to pay off a home loan if they choose to purchase a house may be encouraged by the results of a recent study, which show that others in the country are still managing not to miss payments.

Aussies 'are paying off home loans despite financial troubles'

The Genworth International Mortgage Trends report found that living expenses were the main concern for four out of five Australians.

However, while 44 per cent admitted to feeling "troubled about their personal finances", they also asserted that they were ensuring that repayments on home loans were still being made.

"Despite the levels of concern seen towards personal finances in Australia, this has not yet translated into mortgage stress," the report stated.

Indeed, nearly half of those polled revealed that they overpaid on their mortgage.

Those considering going online to compare home loans in the coming years may have more information at their fingertips as the government recently ruled that mortgage providers have to provide prospective clients with key fact sheets detailing interest rates and other important information.

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