Australians have felt the impacts of rising property prices on their repayments. Source: Supplied
AVERAGE mortgage repayments have leapt by 105 per cent over the past decade but wage increases have failed to keep up.
Australians are putting much larger chunks of their budgets towards meeting their home loan costs than they were 10 years ago - some states have seen repayments climb by up to 152 per cent.
Wages rose by 54.5 per cent and inflation has climbed by 31.4 per cent.
Australian Bureau of Statistics data and figures compiled by financial services company Canstar compared average home loans over 25 years, based on the average interest of today's big four banks at 6.42 per cent.
In NSW the average loan size in 2002 was $212,400 but has risen to $341,800 resulting in the average monthly repayment increasing by 61 per cent to $2295.
In Victoria the average loan rose from $175,900 to $306,500 and repayments increased by 74 per cent to $2058.
In Queensland the loan size rose from $152,700 to $289,900 and the average repayments climbed by 90 per cent to $1946.
In South Australia loans rose from $124,900 to $249,400 and repayments increased by 100 per cent to $1674.
In Western Australia the average loan rose from $141,000 to $302,500 and repayments increased by 115 per cent to $2031.
In Tasmania the average loan rose from $94,800 to $218,100 and repayments increased by 130 per cent to $1464.
In the Northern Territory the average loan increased from $133,500 to $337,000 and repayments increased by 152 per cent to $2262.
In the ACT the average loan rose by $160,500 to $350,700 and repayments increased by 119 per cent to $2354.
Canstar analyst Mitchell Watson said Australians had felt the impacts of rising property prices on their repayments.
''Housing prices have increased and we've seen a direct impact on the amount which people need to borrow to purchase those homes which in turn has dramatically increased their loan repayments,'' he said.
''People need to be savvy both in their property choice, ensuring they are sticking to a property within their means.
''Wages haven't increased as much as property prices have which means a property you may have purchased back in 2002 may be out of your reach.''
NT experienced the biggest spike in loan monthly repayment sizes rising from $896 to $1366 (152 per cent) over 10 years, followed by Tasmania (130 per cent), ACT (119 per cent), WA (115 per cent), SA (100 per cent), Qld (90 per cent), Vic (74 per cent) and NSW (61 per cent).
AMP chief economist Dr Shane Oliver said the nation's rapid accumulation of debt has resulted in households spending more on mortgage repayments.
''Australians have taken on more debt and that has been in order to pay more for houses and they've ended up with bigger mortgages than we did in 2002,'' he said.
''The household sector has found various ways to deal with that partly by squeezing down on other areas and also working longer hours.''
Mortgage Choice spokeswoman Belinda Williamson said it was crucial mortgage holders made sure they were comfortable with their regular home loan repayments.
''Current and potential mortgage holders, who want to ensure they continue to meet and feel comfortable with their home loan repayments, should be realistic about their level of borrowings and regularly review their repayment strategy,'' she said.
Anda sedang membaca artikel tentang
SLUGGED: Home loans double in 10 years
Dengan url
https://budayacreatip.blogspot.com/2013/04/slugged-home-loans-double-in-10-years.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
SLUGGED: Home loans double in 10 years
namun jangan lupa untuk meletakkan link
SLUGGED: Home loans double in 10 years
sebagai sumbernya
0 komentar:
Posting Komentar