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A majority of Australian households are comfortable with their mortgage debt, according to research by ING Direct.
The bank’s survey found that 68 per cent of Australians say they are ‘very comfortable’ with their home loan.
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The results also showed that 31 per cent of households are mortgage-free, while 44 per cent of borrowers are paying down their mortgage ahead of time.
Financial wellbeing among Australians has also improsed, rising 2.1 points to a rating of 110.9 over the third quarter of 2014.
Mark Woolnough, head of third-party distribution at ING Direct, said it was great news that households are becoming more comfortable with their debt levels.
“Almost half of all home owners are making the most of the current low interest rate environment and are getting ahead with their loan repayments, which is a good strategy that will help them to maintain their financial health well into the new year,” he said.
[Related: Tax refunds to be used on mortgages and other debt]
