HLG021.docx
This article explains mortgage stress and discusses how people can easily find themselves in too deep when buying a home. It shares the experience of a young couple buying their first home and offers some practical tips for avoiding potential mortgage stress.
Technically speaking, if more than 30 percent of your pre-tax income goes towards paying your mortgage, you meet the common definition for being ‘mortgage-stressed’ – and it’s more common than you think!
When thirty-something professionals Harry and Sally were house hunting for their first home they were on high incomes and had saved a healthy deposit. Even so, they cautiously did their homework, entering their information into several bank online calculators to determine their borrowing capacity.
They entered:
To download and use this content, make sure you're logged in to the Library then hit the Download button.
No login details? Register here for full access.
Are you a qualified financial planner with hands-on experience and a passion for writing?
Yes? Click here to learn more about joining our writing team