Managing the Mortgage on Your First Home – Find out What the Rams' Pulse Check Discovered
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The second edition of the RAMS First Home Buyers’ Pulse Check survey, which was conducted in August, explored the behaviour and attitudes of first home buyers and first home seekers.
The survey revealed some interesting information about the attitudes and aims that home seekers and home buyers have to managing and repaying their mortgage.
Find out more about what home seekers and home buyers have to say – and tell us if you feel the same way, click here.
Owning your first home and achieving the 'Great Australian Dream' can be a life changing experience - and so can managing your lifestyle and your finances to ensure that you in turn manage your mortgage payments.
The second edition of the RAMS First Home Buyers’ Pulse Check uncovered some interesting findings regarding what first home seekers and first home buyers felt about managing their mortgage.
For instance, the survey showed that 7 in 10 home owners have a variable rate mortgage, yet 5 in 10 home seekers were intending to split their mortgage between fixed and variable components.
While the survey showed that high propensity of first home owners surveyed had a variable home loan, at that time many first home seekers noted that they felt the current low interest rates would remain as they were for the foreseeable future and as such, were looking to 'take a bet' either way with their home loan in order to protect themselves in part for the future.
Home Owners also displayed a very aggressive attitude towards paying off their home loans, with 65% of first home owners believing that they would be able to pay off their loan within 15 years. In contrast, first home seekers were more conservative in their estimations, with 48% believing that they wouldn't be able to pay off their home loan before the end of its term.
6 in 10 first home seekers reported that they intend to devote less than 40% of their income to service their home loan, whereas approximately half of first home seekers reported that they intend to pay off more than the minimum principal and interest on their home loan.
What do you think? Do these results apply to you? If you're a first home owner or a first home seeker, we'd love to hear what you have to say. Visit our Own Your First Home Blog and tell us your views – you never know, you might be published in our newsletter.
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