If Labor accepts Frydenberg’s budget, older Aussies can sell their home, put a chunk of the proceeds into tax free superannuation and free up bigger homes for younger Australians.
House prices are rising at the fastest rate since the late 1980s. But it might only be the first stage of the rocket that is the nation’s property boom.
More than half of Tasmanian homeowners now face mortgage stress, according to consumer advocacy group CHOICE. It ranks the Apple Isle as the Australian state most susceptible to financial hardship linked to home loan repayments.
The postcodes where Australians can t pay off their mortgage have something in common - they are a long way from the city centre.
Consumer group CHOICE has revealed the suburbs where borrowers can t meet monthly repayments despite the big banks offering fixed mortgage rates under 2 per cent.
Digital Finance Analytics, which provided CHOICE the data for April 2021, defines mortgage stress as a situation where home owners can t meet their mortgage obligations - and not just spending a third of their income on their loan.
CHOICE chief executive Alan Kirkland said borrowers in these outer suburbs and regional areas were struggling to even put food on the table.