Financial Planners Helping Perth Residents Relieve Mortgage Stress
Announcement posted by Purely Finance 20 Aug 2013
Financial Planners in Perth reveal why so many residents are turning to outside advice to relieve mortgage stress and what they consider to be the two most important steps a homeowner can take.
Albany, WA, August 20, 2013 - Recently, an Auspoll study commissioned by News Limited produced numbers indicating that mortgage stress and rental stress have become areas of concern for Australians. The report mentioned that nearly 3,000 households in Pearce (suburb northeast of Perth) meet the study's criteria for mortgage stress, while close to 33% of those who rent in Canning meet the criteria.
The study loosely defines mortgage stress or rental stress as living in a “low income household” and paying at least 30% of that income toward home loans or housing-related costs. The data in the study was culled from the ABS 2011 census.
According to the criteria in the study, over 30,000 households in WA suffer from mortgage stress, while as many as 20% first-home buyers could lose their homes “within months” if they are faced with a loss of income.
It is reported that 84% of Australians are being very concerned with affordable housing. The study indicates that issues such as education, border security and “fast, affordable broadband” are becoming secondary to the issue of affordable housing.
The poll also indicates that most Australians don't have confidence in politicians to help alleviate the situation. Less than 18% of Australians feel that the Coalition is capable of solving the housing affordability problem while less than 13% believe that Labor is able to formulate a solution.
Nick Aves, Director and Credit Advisor for Purely Finance, a firm of financial planners and loan brokers in Perth, has a unique viewpoint. His firm has assisted many home buyers in obtaining loans and creating a budget that ensures financial health. Aves doesn't believe the situation is as dire as many think but he understands the concern that so many have for affordable housing.
According to Aves, “While a lot of people are concerned with the current state of housing, there are a lot of mitigating factors that actually help both homeowners and investors. It's just a matter of having sound information and sound advice at your fingertips. Luckily, we have a lot of experience in our field and a lot of talented people at Purely Finance.”
Aves touched briefly on the current economy and its interconnection with the housing market: “The economy and the housing market are very closely related. The WA mining boom protected WA from the worst of the Global Financial Crisis. We were lucky enough to not see nearly as much of a downturn as the rest of Australia did. But now, due to more competition and slightly less demand for resources, the mining industry is in a bit of a slowdown.”
Aves continued, “While the mining industry is eliminating jobs in its effort to become more efficient, the end-result will be a healthier mining industry. While there will be some adjustments to make, anyone who can survive the short-term problems should prosper in the long term.”
Aves concluded, “There are two steps people can take to protect their investment in their home. First, view your home as a long-term investment. Second, we recommend that consumers contact a financial planner or mortgage broker immediately to see if it would be to their advantage to refinance and take advantage of mortgage rates that are at an all-time low.”
Purely Finance is a firm which provides loan brokers and financial planners in Perth. For an individual assessment of your financial health, call (08) 9472 9766 or visit their website: http://www.purelyfinance.com.au/.
The study loosely defines mortgage stress or rental stress as living in a “low income household” and paying at least 30% of that income toward home loans or housing-related costs. The data in the study was culled from the ABS 2011 census.
According to the criteria in the study, over 30,000 households in WA suffer from mortgage stress, while as many as 20% first-home buyers could lose their homes “within months” if they are faced with a loss of income.
It is reported that 84% of Australians are being very concerned with affordable housing. The study indicates that issues such as education, border security and “fast, affordable broadband” are becoming secondary to the issue of affordable housing.
The poll also indicates that most Australians don't have confidence in politicians to help alleviate the situation. Less than 18% of Australians feel that the Coalition is capable of solving the housing affordability problem while less than 13% believe that Labor is able to formulate a solution.
Nick Aves, Director and Credit Advisor for Purely Finance, a firm of financial planners and loan brokers in Perth, has a unique viewpoint. His firm has assisted many home buyers in obtaining loans and creating a budget that ensures financial health. Aves doesn't believe the situation is as dire as many think but he understands the concern that so many have for affordable housing.
According to Aves, “While a lot of people are concerned with the current state of housing, there are a lot of mitigating factors that actually help both homeowners and investors. It's just a matter of having sound information and sound advice at your fingertips. Luckily, we have a lot of experience in our field and a lot of talented people at Purely Finance.”
Aves touched briefly on the current economy and its interconnection with the housing market: “The economy and the housing market are very closely related. The WA mining boom protected WA from the worst of the Global Financial Crisis. We were lucky enough to not see nearly as much of a downturn as the rest of Australia did. But now, due to more competition and slightly less demand for resources, the mining industry is in a bit of a slowdown.”
Aves continued, “While the mining industry is eliminating jobs in its effort to become more efficient, the end-result will be a healthier mining industry. While there will be some adjustments to make, anyone who can survive the short-term problems should prosper in the long term.”
Aves concluded, “There are two steps people can take to protect their investment in their home. First, view your home as a long-term investment. Second, we recommend that consumers contact a financial planner or mortgage broker immediately to see if it would be to their advantage to refinance and take advantage of mortgage rates that are at an all-time low.”
Purely Finance is a firm which provides loan brokers and financial planners in Perth. For an individual assessment of your financial health, call (08) 9472 9766 or visit their website: http://www.purelyfinance.com.au/.