Home News NSW consumers unfazed by economic slowdown

NSW consumers unfazed by economic slowdown

Font size :
However, sentiment levels of NSW consumers trailed the national average, where interest rates and petrol prices remain the top two anxiety drivers, the survey found. Sixty-two per cent of NSW respondents believed the Australian economy will show strength in 2007, although the premier state was less confident than its counterparts. Queensland was the most confident state, with 76.6% of respondents indicating their belief in a growing economy. Notwithstanding three interest rate rises in the year to date, Australian consumers have not significantly altered their perspective on personal finances for the coming 12 months, said Warren O'Rourke, Mortgage Choice national manager, corporate affairs. "Overall, there has been no significant swing in Australians' perception of their financial future. Sentiment dropped only slightly and interest rates and petrol prices remain the top two concerns for the state. Consumers continue to have a positive outlook on property and their finances," he said. Besides interest rates and petrol prices, which were the top two things making consumers nervous, householders were concerned with job security and falls in housing prices. A significant proportion of households remain tightly geared, with 19.2% of NSW respondents reporting that they would have difficulties should further interest rate rises occur. Nationally, 16.5% of respondents reported this concern. In contrast, nearly a third (32.2%) of respondents said they could withstand an entire percentage point increase in rates. Meanwhile, 20.9% of respondents nationally said that they would manage a 0.25% increase, 18.8% said they could afford a 0.5% increase while 8.8% could afford a 0.75% increase.

It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan

Mortgage News and Articles

Mortgage applications drop in second quarter Mortgage applications drop in second quarter

This marks the “beginning” of a downward trend, says Equifax executive Read more

To break monopoly, many smaller lenders could become banks To break monopoly, many smaller lenders could become banks The proposed change could break the Big Four’s monopoly over the mortgage market and help families get cheaper home loan rates ... Read more

Borrowing against the home: A strategy to pay for aged care Borrowing against the home: A strategy to pay for aged care Such debts can generally be divided into long-term and short-term loans ... Read more

NAB slashes growth forecasts for houses, units NAB slashes growth forecasts for houses, units Numerous factors, including tighter credit rules and the growing supply of new stock, have reined in Australia’s seemingly unstoppable housing market boom ... Read more

More mortgage news and articles

Sponsored Links

Saturday, Jul 22, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Whether you're a first homebuyer, looking to refinance, or investing, it's important to have the right loan for your needs. Just fill in a few details below and one of our trusted mortgage advisers will contact you.

A quick & easy way to find the right home loan
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords