1 in 3 homebuyers don’t know their interest rate

According to the 2011 Saving & Spending Insights Survey commissioned by Mortgage Choice, 44% of mortgagees are paying more than 30% of the total after tax household income on their home loan.

However, when these people were asked if they were in mortgage stress the most common response was ‘no’ (44%), followed by ‘yes, a little’ (38%), ‘yes, a lot’ (15%) and ‘unsure’ (3%).

34% did not know their interest rate, with first homeowners the most likely to not know (39%).

Source: Mortgage Choice

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