A consumer survey taken at the end of 2008 revealed that three quarters of home loan borrowers were meeting their loan repayments and feeling financially more secure in comparison to earlier in the year (up almost ten per cent).
The survey, undertaken by the Mortgage and Finance Association of Australia (MFAA) in association with Bank West, generally revealed that the financial situation of the average Australian is certainly not as depressing as perhaps many other reports have suggested in Australia and the mood is definitely less depressing than we are hearing from overseas.
Furthermore, there are positive signs that interest in taking out a loan and buying property is increasing, and there is an overwhelming belief that the Reserve Bank will cut interest rates further when they meet in February.
Inflation, the price of petrol, consumer prices and interest rates are now far more favorable than at any point in the last 12 months.
Confidence plays a major factor in any economic recovery, and each piece of news that the financial pressures upon Australian’s is easing, is certainly encouraging.
More information: Read the consumer survey