FOR IMMEDIATE RELEASE
Springfield, August 5, 2024 — Locally based Senator Paul Scarr has released research showing a staggering increase in mortgage payments across the Somerset region since the election of the Albanese Labor Government.
“There has been a lot of talk about the impact of interest rates since the election of the Albanese Labor Government. Under the Albanese Labor government, we know that inflation and interest rates have soared. I wanted to see the impact on our local residents based on the increase in interest rates and movements in property prices in the Somerset region. The results of the research are devastating.
“Since the last election, there has been an explosion in the cost of mortgage payments in the Somerset region. For Somerset residents borrowing 80% of the value of their homes or units at a variable interest rate, the cost of monthly mortgage payments on an average house or unit has exploded,” said Senator Scarr.
For an average house in Esk, the cost of a monthly mortgage payment has increased by $1,431 – that is a 122.2% increase or $17,172 a year. For an average house in Kilcoy, the increase is $1,164 a month or $13,968 a year (a 74.5% increase). For an average house in Lowood, the increase is $1,272 per month or $15,264 per year (a 99.3% increase).
“Since the last Federal election, the average rate for a variable mortgage surged from 3.05% to 6.22%. Economists have repeatedly warned of the inflationary impact of Labor’s policies.
“Housing affordability is a critical issue that demands urgent action. Since the election of the Albanese Labor Government, Somerset residents with a mortgage are paying thousands of dollars a year more. It is just not good enough,” said Senator Paul Scarr.
