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Australian borrowers are determined to use lower interest rates to get ahead on their mortgages and overall financial situation, a consumer survey released today shows.
According to the Australian National Retailers Association (ANRA) a large percentage of consumers – 75 per cent – are continuing to put the same amount towards their mortgage repayments despite the lower interest rate environment.
Of the remaining 25 per cent who had reduced their regular repayments, 12 per cent were using that extra money to pay down other debt while 11 per cent were directing it towards living expenses such as groceries and bills.
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Just three per cent said they were spending the money on discretionary items such as households goods and clothing.
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