At this point in time interest rates on home loans records are at its lowest. Aside from this there is one more issue Australia's housing market is facing and that the Housing Industry Association (HIA) is now hoping to have addressed.
The HIA is gearing up to kick off its 'Housing Australians' campaign today, April 30, 2013. They aspire to convey to the national agenda the concerns encountered by the construction industry in Australia. The company emphasized a number of problems that the HIA asserts is at the back of the industry's high levels of stress, for instance the unequal levels of taxation, mounting rates of unaffordability, and the present high level of job losses in the sector.
"Access to affordable housing is one of the biggest challenges facing the Australian community," said HIA managing director Shane Goodwin.
According to the HIA, Australia will build 25,000 less homes this year than it did a decade ago and that building construction has contracted every month for the last 34 months. The severe drop in new housing is forcing the closure of many manufacturing and small businesses and consequently a number of layoffs. Australia needs 1.3 million new homes built by 2020 but large costs stand in the way. The HIA claims around 40 percent the cost is taxes, levies, fees and charges, it added.
"Government can't ignore housing any longer. They need to act more constructively, cooperatively and determinedly to meet the housing needs of Australians and their families," said Mr Goodwin.
The only way that families can lessen the expenses of a new home is to assure that they have the lowest potential interest rates on their home loan, giving them the possible to blow thousands of dollars off their repayments.