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ISCOVER
Steven Cross
The Mortgage & Finance Association of Australia has called on the Reserve Bank to cut the official cash rate in May in a bid to restimulate the economy.
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MFAA chief executive Phil Naylor said the hospitality and tourism sector is missing out on activity as consumers are forced to curtail their spending patterns in an effort to raise a deposit or cover their mortgages.
“This is clearly a problem which needs to be addressed by the Reserve Bank,” he said.
After launching a competition on the MFAA Facebook page, where entrants were encouraged to share what they’re missing out on while saving for a home deposit, it became clear that first home buyers are missing out on fun life activities including eating out and holidays.
This research also shows that other sacrifices being made by deposit savers include missing out on family activities, not purchasing shoes, coffee and cinema tickets.
Four per cent of people are even missing out on haircuts.
“Our members are telling us that established borrowers and first home buyers are doing it tough out there and a rate cut is necessary to restore confidence in the property market, one of the economy’s key economic drivers,” Mr Naylor said.
