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Housing crisis: Record number of Australians now skipping meals to pay their mortgage

From a ballooning housing market that has locked homebuyers out, to the cost of living day to day life, for many Australians, the state of things is untenable. According to Bankwest’s First Time Buyer report for 2017, an average of 6 years is needed for first time buyers in New South Wales to come up with a 20 per cent deposit, and only 8.1 per cent of the state’s residents are able to break into the market. In Sydney, where the price of a deposit on a median priced home sits at…

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Young face growing mortgage debt burden

Young first-time buyers are increasing their overall mortgage debt in order to tackle short-term financial pressures. The average mortgage term is lengthening from the traditional 25 years, according to figures from broker L&C Mortgages. Its figures show the proportion of new buyers taking out 31 to 35-year mortgages has doubled in 10 years. That means lower monthly repayments, but a bigger overall bill owing to the extra interest incurred. The extra total cost can be tens of thousands of pounds. Where can I afford to live? Your results – Amount…

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