Homeowners in Sydney spend more on paying their mortgages compared to residents of other major global cities, according to a global study.
The Daily Telegraph revealed that according to a comparative global study, Sydney ranked first in terms of average percentage of income spent on mortgages, with $4,123 a month, or about three quarters of the average monthly income being spent paying mortgage debt.
In contrast, homeowners in Toronto and Los Angeles spend only a third of their monthly income on mortgages, while those in New York and Dublin spend less than half, the study showed.
Australian homeowners struggling with mortgage repayments could choose to compare home loans and consider refinancing, Yvonne Chan, head of research at Australia Property Monitors, told the Daily Telegraph. She noted that many first-time homebuyers are being priced out of the market.
“We don’t have the supply they do in the US, our lending criteria are more strict and the interest rate rises have priced out buyers,” said Ms. Chan.