The ability to be able to afford a million dollar home loan used to feel like a huge milestone

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The ability to be able to afford a million dollar home loan used to feel like a huge milestone. Now, according to recent data reported by realestate.com.au, it is becoming the more average total household debt in entire communities, and that is before cars, credit cards and Buy Now Pay Later are even added in. In dozens of suburbs across Australia, families are sitting on more than $1M in combined debt, even in areas where property prices are not considered luxury level. Experts are warning that this is not just a big number on paper, it is a financial pressure point that tightens every time interest rates move. So what is actually happening here? • Many households have refinanced multiple times and pulled equity out for renovations, cars or covering rising living costs. • Credit cards and BNPL are being used more often, which can hide the true size of someone’s debt load. • Some families are already spending close to, or more than, what they earn, which means even a small rate change can sting. This is not just “mortgage stress.” It is overall money stress, and it is showing up in very normal, everyday households.
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