Home loans are getting more affordable

The average proportion of income required to meet home loan repayments has dropped 0.5 per cent to 29.9 per cent according to the Adelaide Bank/REIA Housing Affordability Report.

Adelaide Bank’s general manager, Damian Percy said: “The welcome news in this March 2013 quarter edition of the Adelaide Bank/REIA Housing Affordability Report is that the proportion of family income required to meet home loan repayments has dropped below 30 per cent for the first time in almost five years.”

“This figure is significant because, traditionally, it’s the point that has been used to describe what is generally accepted as ‘housing stress’.”

Source: The Adviser

Advertisement