New research has revealed prospective homeowners require significantly above-average salaries to take out home loans as Australians continue to battle with soaring living costs across the country.
Australians looking to purchase homes now require almost double the average full-time salary, research has revealed, with the RBA’s latest interest rate hike expected to further aggravate pain for homeowners.
For Brisbane and Canberra, homebuyers must have an income of at least $155,489 and $186,980 respectively. Finance whizz David Koch revealed many homeowners on variable interest rates will now see their repayments rise by at least $100 following the decision. “A rate rise was definitely short odds today but it still doesn’t help the pain at the hip pocket. Another $100 hit to minimum monthly repayments for some, and when we can least afford it,” the Compare the Market’s Economic Director told SkyNews.com.au in a statement.
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