Mortgage repayments are proving to be a strain

Tuesday 26 June 2012

Article by Mozo

People across Australia have seen their wages rise sharply in the past few years, but unfortunately their mortgage repayments have increased at a much faster rate.

New Census figures have suggested that the median household income went up by 20 per cent between 2006 and 2011.

However, the median home loan repayment rose by 39 per cent during the same period, which has obviously left many property owners financially stretched.

Campaign manager for Australians for Affordable Housing Sarah Toohey said that this is the biggest drain on people's resources and a lot of Aussies are now under huge pressure.

That said, it is still worth taking out a mortgage, as rental costs have increased even more. Indeed, the median rent in the five years between 2006 and 2011 soared by an eye-watering 49 per cent.

Ms Toohey believes the authorities need to act to ensure people can get on to the property ladder.

"If governments don't start to take housing affordability seriously, we'll continue to see increasing numbers of people locked out of home ownership or burdened with a mortgage they can't afford," she remarked.

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Mortgage repayments are proving to be a strain

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