Having a home is one of the biggest life goals an individual can have. Though this can be an exciting time for future homeowners, a study by credit bureau Experian says that the process can lead to a rough financial patch for many.
Experian’s study analysed 15,000 Australians regarding how they manage debt, and the results reveal that life can be much less fun and full of sacrifice when one enters the property market. More than 65 percent of respondents said their situation worsened after buying a property. A measly 15 percent said their life improved, while the rest reported no change in their lifestyle.
Despite the setbacks, Patrick Nolan, head of home loans at ME Bank, said that such sacrifices will be worth it in the long run because the long-term benefits of home ownership far outweigh them. Read more from this blog.