Australian households are almost four years ahead on their mortgage payments according to new data released by the Australian Prudential Regulation Authority.
DEBT
At a certain point in life, many wonder what's better: to pay off the home loan ASAP or top up your superannuation?
Australians are turning to increasingly risky and expensive mortgages as rising property prices outstrip wages growth, recent data shows.
According to the RBA, since 1991, the ratio of property debt to household income has more than doubled.
The value of Australia’s housing market surpassed $9 trillion for the first time after rising by five per cent in the September quarter.
Two-thirds of Australians believe a full one percentage point rise in interest rates would put pressure on their financial position.
The hope is new borrowing rules will take some steam out of house and property prices without giving the rest of the economy a whack.
Financial regulators have confirmed they are moving to clamp down on housing market risks .
The Commonwealth Bank of Australia’s chief executive says he is increasingly concerned with rising house prices and household debt levels.
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