Nearly one-third of Aussies "financially unfit" for home loans

Thursday 07 April 2011

Article by Mozo

Almost one-third (31 per cent) of people in Australia are not fit for home loans, according to a recent report.

Nearly one-third of Aussies 'financially unfit' for home loans

Commonwealth Bank of Australia subsidiary BankWest commissioned the study, which found that only 17 per cent of people in the country are in a strong enough financial situation to get a mortgage, reports the AAP.

Those who were suitable had regular savings, high asset levels relative their debt and income as well as low housing costs and a variety of insurance.

Individuals struggling to get suitable financing to purchase a property might want to compare home loans online to find one suited to their budget and situation.

Earlier this month economist at the Grattan Institute Saul Eslake told the Sydney Morning Herald that Australians are starting to take more care of their money.

This could mean that a greater number of people will be in a position to put down a deposit on a property in the coming months.

This article is brought to you by Mozo – Helping you compare home loans. ADNFCR-1761-ID-800492072-ADNFCR

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