Home Owners Worried About Savings after Budget
Home owners expect their savings levels to decrease as a result of the Federal Budget, according to a survey by mortgage broker Loan Market.
The online survey which asked home owners ‘How do you expect the new Federal Budget to impact your household finances?’ found that 42 per cent of 581 respondents said they would not be able to keep their current savings levels.
The survey results indicated 75 per cent of respondents expected to be negatively impacted by the latest budget, by either decreased spending or savings levels.
Loan Market spokesperson Paul Smith said that with the government announcing so many significant cuts and tax increases, home owners are expected an immediate impact on their household finances.
“Lower interest rates over the past year have helped many home owners either pay off their home quicker or provided additional money to put into their savings account. It would be disappointing if these savings were lost because of this budget,” Mr Smith said.
17 per cent of the online respondents said that the budget would have no impact on their household finances and eight per cent said they expected to be able to save and spend more.
“This budget is going to impact every household differently but all home owners will be positively impacted by the lower interest rates on their mortgages and the downward outlook for the next several months,” he said.
How do you expect the new Federal Budget to impact your household finances?
a) I’m going to have to cut my household spending 33%
b) I won’t be able to keep my current savings levels 42%
c) It will have no impact 17%
d) I will be able to save and spend more 8%