Newspaper article The Chronicle (Toowoomba, Australia)

Cost of Living Deters Borrowers

Newspaper article The Chronicle (Toowoomba, Australia)

Cost of Living Deters Borrowers

Article excerpt

COST of living pressures rather than the prospect of rising interest rates is the main deterrent to home buyers, a national survey has found.

Loan Market chief operating officer Dean Rushton said a national survey of the company's mortgage brokers found 42 per cent believed that daily living expenses were the main culprit for a dramatic drop in home loan approvals.

Mr Rushton said 29 per cent of the 202 brokers who responded thought potential interest rate rises were the major reason, while 15 per cent pointed towards flat property prices and 14 per cent to first home affordability.

aThe key driver bringing down approvals a[pounds sterling] which latest Australian Bureau of Statistics figures showed were at a 10-year low a[pounds sterling] appears to be the everyday costs consumers are facing,a Mr Rushton said.

aMany people simply can't take on home loan credit when they are paying increased petrol and food costs as well as higher charges for utilities such as electricity. …

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