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Fairfax Media home loan affordability

Media release by www.interest.co.nz

15 November 2007

Fairfax Media home loan affordability

October 2007

This series reports on changing home loan affordability for both typical buyers, and first-home buyers, in detail for 12 regions. Current real estate prices, mortgage rates and incomes are three key determinants of home loan affordability.

Despite the well publicised slowdown in the real estate market, this has had no impact on home loan affordability. In fact, in some communities, it has gotten worse in October .

Even though the affordability crisis has developed over only the past four years or so, it will take decades to unwind the damage that has been done in that short period.

Home buyers still face the very difficult market conditions.

ENDS

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