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More than one third of Australians plan to buy a property in the next two years despite concerns of rising interest rates, higher living costs and doubts over job security, according to Mortgage Choice’s 2009 Consumer Sentiment Survey.
The results reflect a positive economic outlook for the mortgage and real estate industry, with 40 per cent of respondents believing they could afford to make repayments at an interest rate of over 11 per cent.
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Mortgage Choice senior corporate affairs manager, Kristy Sheppard said: “Since the global financial crisis hit home, more borrowers are taking ownership over their financial situation, and although many see rates as concerning, a high percentage are prepared for rate rises.”
“This suggests many borrowers can comfortably repay their home loan sooner, if they put their mind and budget to it,” Ms Sheppard said.
