Renters feel home loans out of reach

Wednesday 22 April 2009

Article by Mozo

Nearly two-thirds (60 per cent) of renters are worried that they will never be able to afford their own home, with industry bosses blaming bureaucracy for the slow rate of new homebuilding.

The Herald Sun reports that the Galaxy survey also showed that just over half (51 per cent) of adults are doubtful that they will have a home to pass on to the next generation.

The chief of the Master Builders Federation Brian Welch said that asset-poor Aussies on low incomes were being shut out of the property market in Victoria.

"With all of these government regulations and policies increasing the cost of housing, is it any wonder that Victorians are deciding that the great Australian dream is beyond their reach?" he asked.

Treasurer Wayne Swan is currently mulling over plans to scrap home loan switching fees to make it easier for people to compare home loans and get on to a better deal.

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