More people could be looking to compare home loans in 2010
Article by Mozo
More people could be scouring the market for low interest home loans in the next two years, according to a new study.
The 2009 Mortgage Choice Consumer Sentiment Survey has revealed that over a third of Aussies plan to buy a new home within the next few years.
A rise in confidence was noted by the organisation on the part of the public, since this optimism comes despite concerns over rising interest rats, higher living costs and job insecurity.
The brighter outlook was also manifested in the fact that 40 per cent of people said they would consider revisiting their financial plans.
Senior corporate affairs manager for the firm Kristy Sheppard said the improved sentiment is "terrific to see" and remarked on the way in which many people have taken ownership of their monetary situations.
Although some find the prospect of rising interest rates daunting, many people said they would be prepared for rises of at least five percentage points – something much higher than the predicted rate.
"This suggests many borrowers can comfortably repay their home loan sooner, if they put their mind and budget to it," Ms Sheppard said.
Mortgage rates may not pose too much of a threat to low interest home loans, however, as assistant governor Guy Debelle said this week competition in the market will maintain cheaper prices.
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