MEANWHILE … many GEN Y and Z are locked out
THIS REPORT REVEALS:
-the family home is an expense rather than an asset
IT’S TIME NOW the MORRISON GOVT addressed this!
IN fact the Liables have put the financial security of not only GENS X Y & Z but also 60% of Boomer and Silent Generations at risk … because many have had to re-mortgage, or downsize to release equity; taking on default risk by standing as Guarantor for their first-time buyer families
-in 2010 the proportion was less than five per cent!
-the lowest wages growth since 2013 has worsened the problem
-high household debt creates the ‘debt overhang effect’ and reduces consumer spending
The cost of buying a home has increased by 130 per cent over two generations and Generation X is bearing the debt burden