Concerns about growing number of households in mortgage stress
A few friendly reminders:
The bank will lend you more than is responsible
Buy property for the long term. The longer you hold property, the less likely you are to experience a loss situation
Do your own numbers and tie in repayments with your budget and long term plan
Allow in your forecasts for interest rates to go up or your income to go down
Don’t spend every last cent on a house. Buy a slightly less expensive house and invest the rest to produce a passive income
Property can go down; it doesn’t always just go up
See below for an interesting video on the state of property and mortgage stress in Australia
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