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ISCOVER
Staff Reporter
Homeowners expect their savings levels to decrease as a result of the federal Budget.
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A new survey conducted by Loan Market found 42 per cent of the 581 respondents believe they will not be able to keep their current savings levels into the future.
The survey results indicated 75 per cent of respondents expected to be negatively impacted by the latest Budget, by either decreased spending or savings levels.
Loan Market spokesperson Paul Smith said that with the government announcing so many significant cuts and tax increases, homeowners are expecting an immediate impact on their household finances.
“Lower interest rates over the past year have helped many homeowners either pay off their home quicker or provided additional money to put into their savings account. It would be disappointing if these savings were lost because of this Budget,” Mr Smith said.
Almost 20 per cent of the online respondents said that the Budget would have no impact on their household finances and eight per cent said they expected to be able to save and spend more.
“This budget is going to impact every household differently, but all homeowners will be positively impacted by the lower interest rates on their mortgages and the downward outlook for the next several months,” he said.
