NSW’s average mortgage lifted to $780,000 last financial year, while Victoria’s rose to $604,300.
The lift in mortgages, and the ability of Australians to repay them, is a growing issue for the Reserve Bank board, which meets on Monday and Tuesday.The nation’s average mortgage has reached a record high of $637,000 after climbing $154 a day over the past 12 months, as independent analysis finds a Coalition plan to allow first home buyers to tap into their superannuation would improve the federal budget by almost $200 million a year.
The lift in mortgages, and the ability of Australians to repay them, is a growing issue for the Reserve Bank board, which meets on Monday and Tuesday. Following Wednesday’s consumer price index, which showedCredit bureau Equifax’s executive general manager, Moses Samaha, said the number of people behind on their mortgage repayments was growing, particularly among those considered to be an “average” credit risk.
Analysis of the policy by the independent Parliamentary Budget Office, on behalf of the Coalition’s home ownership spokesman, Senator Andrew Bragg, suggests the move would help the budget by reducing the number of people requiring Commonwealth Rent Assistance. Bragg said the analysis showed the Coalition’s policy had merit beyond helping people buy their first home, describing the fiscal dividend as “significant and surprising”.
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