Australian Home Loans Are Wildly Popular – Let’s Figure Out Why, And How To Lower Mortgage Agreement Contracts’ Costs
Australia is one of the hottest travel destinations for singles, young couples, and married couples with scores of kids, thanks to the Sydney Opera House and comparable sightseeing landmarks, tens – hundreds – of kilometers of beautiful beaches, and tradition unlike any other around the world. As such, many people who visit Australia actually end up living there, and native Aussies almost always stay in their birth country for their entire lives.
One of the only downfalls about living in Australia is its residents’ lack of aversion to risk, collectively holding one of the highest per capita consumer debt totals around the entire world. Thanks to research conducted by the highly reputable government agency Australian Bureau of Statistics, in 2016 the standard Australian household was subject to a quarter million dollars’ worth of personal debt, meaning the entire country’s debt reaches a total of slightly less than $2,000,000,000,000 – that’s trillions of dollars spread between only 24,130,000-odd people.
Australian Home Loans are one of the biggest sources of consumer debt in the quasi-continent full of kangaroos and aboriginals in the desert plains outside of its coastal regions, with a total of $21,600,000,000 in Australian home loans written in June of 2017, alone. For each Aussie native with an outstanding mortgage, the size of their Australian home loans when they first redeemed them upon securing their homes with the backing of mortgages. The Australian Bureau of Statistics indicates that 56.3% of all debt is in the form of Australian home loans.
Considering the average income of an Aussie household is around $80,000 after taxes are taken out, juxtaposed with the incredulous, ridiculous, truly egregious total of 169,600 dollars’ worth of consumer debt per household, residents of this beautiful country obviously have difficult times paying their loans back. As such, the above sentiment combined with (1) the willingness of financial institutions in the land down under to hand out Australian home loans, and (2) the lack of Australians to purchase residencies with cash because of their insurmountable piles of debt make Australian home loans highly popular.
Now that we’ve established the how’s and why’s of Home Loans at Loans.com.au, let’s figure out how to lower the average of $376,000 mortgages. Keep in mind that these strategies are applicable in every single situation in which one in seeking Australian home loans, regardless of how big, small, expensive, or affordable their prospective new places of living are.
Buy directly from owners, if at all possible. Real estate agents survive from low volumes of high-dollar transactions. This means that they significantly markup the homes they buy from financial institutions in foreclosure auctions, including those bought from private owners who don’t want to deal with the hassles of showing prospective clients around their former home, communicating with them, following up on leads, and everything else associated with getting rid of homes.
Fork over a hefty down payment when initializing your Australian home loan. Another thing you should do is seek out government-assisted loan modification programs, inherently designed to aid consumers in financial trouble.