Desperate to escape financial turmoil in the wake of the pandemic and rising interest rates, this city couple changed their lives completely and haven't looked back.
Desperate to escape financial turmoil in the wake of the pandemic and rising interest rates, Gilbert Grace and Michelle Millard knew they had to make a seismic shift in their lives.
But, after selling their former home for $600,000, Mr Grace and Ms Millard were able to buy a three-bedroom house in Ouyen for $250,000 in August 2022, and clear their credit card debt."It's just like a weight off your shoulders … we don't have that mortgage to have to come up with," Ms Millard said.
Market research company Roy Morgan found 1,560,000 Australians — 30.8 per cent of mortgage holders — were "at risk" of mortgage stress in the three months leading to April 2024.The situation is even more dire in outer-urban growth areas where more than 60 per cent of households are in mortgage stress.
"Many parts of regional Australia have demonstrated a reasonable level of resilience to interest rate rises compared to the larger capital cities, where higher property prices relative to income have elevated mortgage stress," Ms Kitson said.The Baxter-to-Ouyen move not only freed them from mortgage stress but also enabled them to enjoy a lifestyle that included more community involvement and personal fulfilment.
Mortgage Stress Victoria chief executive Nadia Harrison said Australians were "really divided" on housing status.
House Cost Of Living Cost Cost-Of-Living Regional Victoria Mortgage Interest Rate Interest Rates Tree Change Mallee Property Housing Market No Mortgage Mortgage Stress
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