Brisbane Homeowners Leading In Mortgage Repayments
A new survey of Brisbane homeowners has found that residents fare better than major Aussie capitals when it comes to being able to comfortably pay off the mortgage.
The research by Finder asked Aussies if they struggled with their mortgage, and Brisbanites emerged as the most comfortable with their repayments out of all homeowners across Australia’s capital cities.
It found 62% of Brisbane respondents are able to comfortably make repayments, compared to less than half in Sydney, half in Melbourne, 54% in Adelaide and 43% in Perth.
Brisbane also had the lowest percentage of homeowners who were “barely able to make repayments every month” (4%) while Sydney, Melbourne and Perth were at 8 per cent and Adelaide was 7 per cent.
Finder personal finance expert Kate Browne said it was the relatively low cost of living in the Queensland capital that saw it beat out all others when it came to financial comfort for borrowers.
The research covered homeowners across Sydney, Brisbane, Adelaide, Melbourne and Perth, and did not include Canberra which has become notoriously expensive.
“Brisbane has a relatively low cost of living, especially compared to other cities on the east coast such as Sydney and Melbourne,” Ms Browne said. “According to CoreLogic data, the median house sale price in Brisbane was $555,000 in the last 12 months compared to $950,000 in Sydney.”
Communication and being proactive were key to handling difficult financial situations, according to Finder.
“Whether you’re comfortably meeting repayments or not, it’s a good idea to look at refinancing and cutting down on expenses, especially given the economic climate,” Ms Browne said.
“If you’re falling behind, contact your lender and let them know you’re in trouble. They may be able to reconfigure your payments or allow you a repayment holiday for a short period if you can demonstrate that you’re truly in need.”
This information is general in nature and does not take your objectives, financial situation or needs into account. Always seek professional advice before making any decisions.
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The above information has been sourced from Realestate.com.au To read the full article CLICK HERE.