Finance ratings from Canstar show the national average mortgage is about 4.5 times higher than it was in 1990, but low interest rates and increased wages are making housing more affordable.
This data shows that mortgage conditions are better now, when comparing the average mortgage size and repayments as a proportion of income to over 20 years ago.
The Australian reported Canstar’s findings – that while the average wage for a male in 1990 was $28,407 compared to $70,569 now - repayments as a proportion of income were then 42%, compared to 36% now. Canstar’s research manager Mitchell Watson reminds readers that the average standard variable rate in 1990 was 17%, compared to just 6% currently.
Interest rates are at all time low’s, affordability is high, it’s a great time to look at setting yourself up for your future and using property to do it.
Always remember that Property Investing can be simple when guided by experienced people, who know how to analyses markets, timing and the numbers. It can be very risky if you don’t have the knowledge and resources to make informed decisions.
If you have been thinking about investing in property and don’t know where to start, give us a call a Acquire2Retrie and we will see how we can help you. 1300 880511