Do The Sums, Then Do Again
According to a report conducted by Fujitsu Consulting, many new First Home Owners will or may currently be experiencing mild to heavy mortgage stress reported The Age. Fujitsu stated that people entering the property market including investors needed to have robust budgeting plans set out before taking the dive and commitment. They stated that people needed to more scrutinising of their income and expenses, ensuring that repayments could be met and people understood what they could really afford. New mortgagers needed to understand they were entering a marketplace at a low point, with both rates and property currently a lot more affordable than predicted in coming times.
Simon Reibelt from Oasis Home Loans Northern Beaches stated that people must make sure that they understand all possible expenses when entering a mortgage prior to application and settlement. Consulting a local Mortgage Broker can help with the costs and expenses of a mortgage, plus using repayment and affordability calculators can give indications to the necessary financial obligations.