Mortgage Trauma in Brunswick: Thomson

Posted by Chris Anderson in ALP, Jobs & Economy
Monday, August 6. 2007


Kelvin Thomson, Federal Labor MP for Wills has labelled John Howard's failure to keep interest rates low as "Mortgage Trauma".

He says...
In Brunswick we have monthly repayments on an average 25 year mortgage reaching dizzying heights of $3196.

This equates to 68.37% of the average household income being allocated to paying off a median priced home in Brunswick.

Mortgage stress occurs when more than 30% of a household income is used to pay off a mortgage, but the situation in Brunswick is twice this figure.

The better expression for the situation would be ‘Mortgage Trauma’!
More information here.
 
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