Mortgage News

SMH reports that Fujitsu Consulting has indicated that mortgage related stress has hit new highs as interest rates costs have kept increasing with no new developments in the job sector. Considered “high stress households” on the edge of selling has increased by 2% since the last report. Since 2005, the average mortgage amount has risen by a staggering 40%, though over the same time, incomes have not risen that much to compensate. The consumers who entered the mortgage market within the last 18 months were considered the ones most risk, with anyone entering the market quite recently warned to be vigilant as interest rates were expected to rise over the coming year.

Simon Reibelt from Oasis Home Loans Northern Beaches stated that anyone who was experiencing mortgage related stresses should consult their financial expert, be it an accountant or financial planner. Refinancing into a better featured product at a lower rate can help “stressed” households move into a better financial position.