Brokers: clients fear repayment issues

by Caroline Dann22 Aug 2012

Clients are increasingly concerned over making their mortgage payments, according to research by 1300 Home Loans.

The survey asked 1300’s broker network what concerns were at the forefront of their clients’ minds.
44% said repayment issues, which was further broken down into job security (26%) and rising living costs (18%).
23% said clients were concerned their loan wouldn’t get approved in the first place.
1300’s managing director John Kolenda said the results showed a deep air of caution on the part of Australian borrowers.
“Anyone who thinks that borrowers are rushing in to take advantage of easy credit is kidding themselves because Australian borrowers are very prudent and cautious about taking on debt they can’t repay,” he said.
“These results show that homebuyers are very preoccupied with their ability to make their mortgage repayments each month over the long term even when they are currently employed.” 
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