Home loan mortgage customers OK with interest rate rises

Most mortgage households are taking the interest rate rises in their stride

Australian mortgaged homeowners and home buyers are in the main taking the two home loan interest rate rises that occurred earlier this year in their stride.

Nearly 60 percent of Australians with existing home mortgages said that the higher official interest rates have had little on their weekly budgets and spending habits, according to a survey released this week.

The survey which was used to compile the ING Direct-Melbourne Institute Household Saving and Investment Report, found that Australian homeowners financial position took a turn for the worse during the September quarter.

More Australians said they are now running up debt to make ends meet, and less are able to put aside money for emergencies, savings or investment.

It is feared that these rising debt levels will have an adverse effect on Christmas season Spending and this could be bad news for the retail sector.

Interestingly most people that have surplus income are tending to use this money for debt reduction.

Property investment seems to be a big loser, which is hardly surprising with the triple effect of higher interest rates, higher charges to get into the property market and reduced taxation meaning less tax deductions for property investors. Put these together with a property market moving sideways or down in most markets and most people have changed their thinking of an investment property in recent times.
Those intentions have melted, with just 10.9 per cent intending to invest in property now.

Source: The Age

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