First home buyers experiencing mortgage stress

There are more than 100,000 first home buyers who bought their home in the last 18 months who are now in mortgage stress, according to the latest Fujitsu Mortgage Stress Report for January 2010. That equates to about 40% of the 250,000 first home buyers who entered the property market in that time.

Approximately 30,000 first home buyers are currently experiencing severe mortgage stress says Fujitsu. Managing Director of Fujitsu Consulting, Martin North said that many people surveyed for the study did not draw up a budget of their finances. "They don’t really know what they can afford," he said.

If you need help with budgeting, managing debt or to refinance your home loan, speak to the mortgage brokers at Intellichoice on 1300 55 10 45.