Sorry sp, just needed to get some confirmation from the tax office.
Ok, let's look at the net figures.
Year: 2005
Average home loan: $210000
Average weekly earnings (net): $729
Interest rate (before the rate rise): 7.07%
Loan term: 25 years
Debt servicing ratio: 47%
For an interest rate of 9.99% (you know, still cheap).
Debt servicing ratio: 60%.
Year: 1989
Average home loan: $45000
Average weekly earnings (net): $387
Interest rate: 18%
Loan term: 25 years
Debt servicing ratio: 40%
So at the end of the day, tax breaks really have not helped at all.
Reason: The mountainous debt Australians are in!
As I keep saying....BORROW, BORROW, BORROW MORE!
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