Aussies struggling with mortgages

MORTGAGE repayments have become a huge struggle for a significant chunk of Australians and most believe the dream of home ownership will be out of reach for future generations, a poll shows.

As the Federal Government prepares to unveil housing affordability measures in tomorrow’s Budget, an ANU survey shows that one fifth of people are struggling to meet mortgage or rent payments, with 2 per cent having fallen behind. Nearly a quarter said they would be in quite a bit or a lot of difficulty if interest rates jump by two percentage points, while nearly 90 per cent are concerned that future generations won’t be able to afford to buy a house.

Significantly, were willing to see their property values stop increasing to help improve affordability.

ANU Associate Professor Ben Phillips said the findings suggest Australians are willing to support government measures that would allow more homes to be built, as well as scrapping incentives such as negative gearing and capital gains tax concessions.