New research shows Australians are working too hard to pay off their mortgage, sacrificing social/family life… ASIC welcomes industry funding consultation...
Aussies are slaves to their mortgage
Half of home owners are finding their mortgage repayments take a toll on their social life, and over half (56%) are trading family time for work to pay more off their mortgage, research from UBank shows.
85% of mortgage holders in Australia also have at least one unused room in their house and from those nearly two thirds (58%) said they could do without the extra space.
“The research uncovered some quite alarming results, with the key takeout being that Australians are working too hard to pay off mortgages they can only just afford and subsequently not living comfortably,” UBank CEO Lee Hatton said. “One in four Australians admit they are financially stretched in relation to meeting their mortgages and as a result, they’re sacrificing their personal and social lives.
“UBank want Australians to borrow less and live more in order to find balance and ensure they’re happy and not crippled by financial stress,” continued Hatton. “Not only are people foregoing holidays, we also found that 50% of home owners are seeing repayments take a toll on their social life, declining at least two social outings a month in order to meet their mortgage repayments. While it’s important to be smart with money, we encourage Australians to choose houses that are in reach financially so they can live fulfilling and happy lives without undue financial stress.”
ASIC welcomes industry funding consultation
The government continues to support the introduction of an ASIC industry funding model with the recent release of the Proposals paper issued by Treasury on the proposed model.
'ASIC has long believed that those who generate the need for ASIC’s regulation should pay for it, rather than the Australian public,' said ASIC chairman Greg Medcraft.
‘An industry funding model for ASIC is about establishing price signals to drive economic efficiencies in the way resources are allocated within ASIC.
‘Industry funding will also improve ASIC's transparency and accountability. That means business will better understand the job we do by having greater visibility of the cost of doing that job.’
'ASIC has worked closely with Treasury in developing the refined model for further consultation. We look forward to continued engagement with those we regulate to see industry funding work well.'
Half of home owners are finding their mortgage repayments take a toll on their social life, and over half (56%) are trading family time for work to pay more off their mortgage, research from UBank shows.
85% of mortgage holders in Australia also have at least one unused room in their house and from those nearly two thirds (58%) said they could do without the extra space.
“The research uncovered some quite alarming results, with the key takeout being that Australians are working too hard to pay off mortgages they can only just afford and subsequently not living comfortably,” UBank CEO Lee Hatton said. “One in four Australians admit they are financially stretched in relation to meeting their mortgages and as a result, they’re sacrificing their personal and social lives.
“UBank want Australians to borrow less and live more in order to find balance and ensure they’re happy and not crippled by financial stress,” continued Hatton. “Not only are people foregoing holidays, we also found that 50% of home owners are seeing repayments take a toll on their social life, declining at least two social outings a month in order to meet their mortgage repayments. While it’s important to be smart with money, we encourage Australians to choose houses that are in reach financially so they can live fulfilling and happy lives without undue financial stress.”
ASIC welcomes industry funding consultation
The government continues to support the introduction of an ASIC industry funding model with the recent release of the Proposals paper issued by Treasury on the proposed model.
'ASIC has long believed that those who generate the need for ASIC’s regulation should pay for it, rather than the Australian public,' said ASIC chairman Greg Medcraft.
‘An industry funding model for ASIC is about establishing price signals to drive economic efficiencies in the way resources are allocated within ASIC.
‘Industry funding will also improve ASIC's transparency and accountability. That means business will better understand the job we do by having greater visibility of the cost of doing that job.’
'ASIC has worked closely with Treasury in developing the refined model for further consultation. We look forward to continued engagement with those we regulate to see industry funding work well.'
