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Mortgage Choice survey sees interest rate fear decline
Released 6 December 2010

Australians are no longer as concerned about interest rates, according to mortgage broker Mortgage Choice.

The national 2010 Consumer Sentiment Survey found contrary to last year, the biggest concern found for the next year was ‘other costs of living such as utility bills, clothing with 27% of respondents compared to 17% in 2009.
Interest rates came in second at 16%, having dropped from 19% and first place in 2009.

This was followed by economic management at Federal Government level, job security and food costs.

Meanwhile, 35% of respondents intended to purchase property within the two years to November 2012, with 36% planning an investment property, 33% their next home and 31% their first home.
Potential investors were the most concerned about rates, with 27% ranking it as their biggest concern, compared to 19% of next homebuyers and 8% of first homebuyers.

Mortgage Choice has run the annual study since 2004. This year’s survey questioned 1,061 Australians, 536 of whom had a mortgage, about a range of finance and property related matters.

It was completed during the seven days preceding the November cash rate rise.