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

Many millennials are relying on an inheritance to buy homes Many millennials are relying on an inheritance to buy homes

Lawyers are seeing cases where disputes over inheritance have created tensions within families Read more

Gen Y homeowners fearful of interest rate rises Gen Y homeowners fearful of interest rate rises Many are worried rising interest rates will negatively impact their cost of living expenses, according to a new survey ... Read more

Young Sydneysiders are less keen on homeownership Young Sydneysiders are less keen on homeownership Many would rather ‘rentvest’ than be tied down to a costly owner-occupier mortgage, according to new studies ... Read more

New social housing aims to transform Ivanhoe Estate New social housing aims to transform Ivanhoe Estate The sprawling redevelopment aims to boost the supply of affordable housing in Sydney ... Read more

More mortgage news and articles

Sponsored Links

Thursday, Aug 24, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • 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