A slave to my mortgage
Nearly one in ten home owners are paying more than 50% of their income on mortgage repayments. House prices are so high, people have to take out bigger mortgages to secure a home.
“We bought a home in 2005. My husband and I didn’t want to rent and we bought something we could just afford to pay off when we were both working. It’s further out than we’d like to be. It’s an older home, we’ve had a lot of issues with it and we don’t have the money to fix it.
Our entire existence is ruled around payday and paying the mortgage. We’ve been on a single income for a while, since we had kids. At first my husband was earning $35,000 a year and we were paying over 75% of our income on the mortgage costs. Now he’s on a higher wage and I work casually on Saturdays so now it’s just under 50 % of our income.
My husband is very careful with our money – he loves spreadsheets, and if he wasn’t like that we wouldn’t be able to manage to eat, pay the bills and pay the mortgage.”
Natasha and Matthew, Langwarrin, VIC
Did you know?
- Nearly one in ten home buyers spend at least half their disposable income on housing costs
- The amount that Australians spend on interest payments has increased steadily in the last ten years, despite interest rate changes. This is because they’re borrowing more.
- Life changes like losing a job, or having a baby, can throw households into housing stress
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