Powered by MOMENTUM MEDIA
subscribe to our newsletter

Home ownership a million-dollar dream

The Australian dream of home ownership carries a $1 million price tag for many, according to research by comparison website finder.com.au.

The research found that Australians with a mortgage of at least $489,300 will end up paying $1 million over the life of a 30-year loan using the average variable interest rate of approximately 5.5 per cent.

Furthermore, if the mortgage was 80 per cent of the property’s value, any property priced from $611,625 will end up costing the borrower $1 million.

Michelle Hutchison, spokesperson for finder.com.au, said borrowers face the danger of having to spend a lot more than necessary.

“When borrowers look at how much they can afford to repay for a home loan, they might not look down the track to how much they end up spending,” Ms Hutchison said.

Advertisement
Advertisement

PROMOTED CONTENT


“While it’s likely that your home will increase in value over a 30-year loan term, it might not compensate the cost of a home loan, as the money you end up spending can be greatly increased if you have a small deposit and don’t shop around for a good value deal.”

Home ownership a million-dollar dream
mortgagebusiness

Latest News

The major bank has reported a jump in home lending for the quarter ended March in a trading update, which it attributed particularly to its ...

First home buyers recorded the lowest level of positive sentiment about the housing market amid rising prices and supply concerns, while sen...

Following the release of the federal budget for the next financial year, lenders have welcomed the moves to support home ownership and SME ...

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.