With the Australian property market declining and prices falling across the country, it’s no wonder such a huge percentage of Aussies are under mortgage stress.
Australia’s household debt level is the fourth highest in the world, according to a recent Finder.com.au survey.
In fact, as a percentage of net income, we owe an eye-watering 212 per cent in household debt.
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And according to Digital Finance Analytics (DFA), more than 1 million households – or 31 per cent of owner occupied households – across Australia struggle with mortgage stress.
Pumped on Property’s Ben Everingham, who runs a highly experienced buyers agents based in Queensland managed to pay off his mortgage in a short 10 years, and here’s his advice for anyone looking escape the mortgage trap.
“I wish I could say that paying off my own home in 10 years was easy and I had a magic bullet that could help you do the same,” he said.
“Unfortunately, I don’t.”
“That said there were some lessons I learned along the way that may help you speed up your journey to home ownership.”
Find out how by watching here:
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