Many mortgage payments are now falling well below the median asking rent for Sydney apartments, which rose two per cent over the June quarter to $500 a week, according to RP Data’s Quarterly Rental Review.
Figures produced by research group comparator now show that from January to March 2014 the average value of loans originated by mortgage brokers is $355,000*. This equates to loan repayments of $431.52 a week based on Aussie Select’s current rates of 4.84 per cent (comparative rate at 4.85^ per cent) for a 30 year loan – almost $70 a week less than the median rental payment.
Chief Executive Officer of Aussie Home Loans, Ian Corfield, said “People who are in the rental trap should be now seriously considering ways of getting into the property market, while rates are so low and rents are showing continuing growth in the Sydney market.
“They should be saving by cutting as many costs as they can, talking to their families or a mortgage broker and seeking the advice of an accountant to investigate their own financial position and ways to finance their first apartment purchase”, he added.
Aussie’s 860 mortgage brokers across Australia are available to help customers secure these low rates, as well as search their lender panel to find an appropriate loan to suit each borrower’s needs, income and aspirations.
Further information about Aussie Select and other home loan advice can be obtained by calling Aussie on 13 13 33 or visit www.aussie.com.au to book an obligation and cost-free appointment.