Australians comfortable with mortgage debt
Australians comfortable with mortgage debt
Posted on Wednesday, November 26 2014 at 4:26 PM
Data released by one Australian bank indicates that that 68 per cent of Australian households are ‘very comfortable’ with their home loan.
The ING Direct Household Financial Wellbeing Index for the September 2014 quarter shows almost one in
three households are mortgage-free and 44 per cent of Australian borrowers are
paying down their loan ahead of time.
The index
rates household comfort levels across six key aspects of personal financial wellbeing
including credit card and mortgage debt, savings, investments, household income
and ability to pay bills.
Mark Woolnough, head of third party
distribution at ING Direct, says consumers are taking advantage of the current
low cost of borrowing.
“Almost
half of all homeowners are making the most of the current low interest rate
environment and are getting ahead with their home loan repayments, which is a
good strategy that will help them to maintain their financial health well into
the New Year.”
The
ING report shows New South Wales as the state most comfortable with its
mortgages.
Financial wellbeing across
all five mainland states are:
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