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Choice says - Australians born between 1980 and 1994 are worried about housing!

Choice.com.au has today released an article titled 'Housing crisis worries 77% of young Australians.

Choice conducts a quarterly survey called the Consumer Pulse survey which gains feedback on the cost of living expenses facing Australians.

The most recent findings from a survey conducted in August 2017 outline young Australians concerns about both rising rent and mortgage repayments. Young Australians are defined here as those who where born between 1980 and 1994.

The article outlines the concerns facing both groups but don't offer a lot of options. Here's a few that I have:

Short Term Renters (those who are planning to buy a house)

  • Look at your living expenses and identify ways to reduce spending

  • Set up a plan and timeframe. Come and see me for tips specific to your situation

  • Save, save and save some more

Long Term Renters (those who are planning to rent ongoing)

  • Look at your rent as well as your other living expenses and put more money away in case of rent rises (Interest rates go up - Landlords have to pay more for their loan - rent can go up)

  • Identify ways to invest or structurally save money outside of rental payments. Come and see me for a referral to a Financial Planner recommendation if you'd like

  • Save a little bit to put away in your 'what if the rent goes up' fund

Recent Mortgage Holders (those who haven't had interest rate rises yet)

  • The potential of increased interest rates can be scary but reviewing your living expenses can identify any savings

  • Pay more than you're required to which can help to minimise impacts of rate rises

  • Hang in there as staying in the property can be a good long term plan

Existing Mortgage Holders (those who have seen their home loan interest rate go through a number of changes)

  • If you haven't reviewed your loan lately, there are options available to you

  • Come and see me to see what could apply to your situation

Here's the Choice article, if you'd like to read more