HIA to raise awareness of stress on new housing.

Monday 29 April 2013

Article by Mozo

While interest rates on home loans may currently be at record lows, there is another issue facing Australia's housing market that the Housing Industry Association (HIA) is now hoping to have addressed.

low rates of new housing and home loans.

The HIA is gearing up to kick off its 'Housing Australians' campaign tomorrow, aiming to bring to the national agenda the issues faced by the construction industry in Australia. The company will highlight a number of problems that the HIA claims is behind the industry's high levels of stress, such as the disproportionate levels of taxation, growing rates of unaffordability, and the current high level of job losses in the sector.

"Access to affordable housing is one of the biggest challenges facing the Australian community," said HIA managing director Shane Goodwin.

According to the HIA, Australia will build 25,000 less homes this year than it did a decade ago and that building construction has contracted every month for the last 34 months. It also claims the severe drop in new housing is forcing the closure of many manufacturing and small businesses and consequently a number of layoffs. Australia needs 1.3 million new homes built by 2020 but large costs stand in the way. The HIA claims around 40 percent the cost is taxes, levies, fees and charges.

"Government can't ignore housing any longer. They need to act more constructively, cooperatively and determinedly to meet the housing needs of Australians and their families," said Mr Goodwin.

One way that families can reduce the costs of a new home is to insure that they have the lowest possible interest rates on their home loan, giving them the potential to knock thousands of dollars off their repayments. Find the markets most competitive home loans on Mozo.

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