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New research has revealed that Australians will spend more tax refund dollars this year on reducing their home loan and credit card debt – as well as bolstering savings – than anything else.
According to a survey by non-bank lender Homeloans, 26 per cent of respondents plan to use their tax refund to help pay off their mortgage in 2016 (up from 21 per cent in 2014), while 38 per cent will pay off other debt including credit cards (compared with 33 per cent in 2014).
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Thirty per cent of respondents plan to save their tax return or use it for investment purposes this year, compared to 21 per cent in 2015.
Only 2.5 per cent of respondents plan to put their tax refund towards their investment property, compared to 4.4 per cent in 2015.
The survey also found that Millennials are more likely to put their tax refund towards a home deposit than other age groups (14 per cent compared to 3 per cent).
Homeloans national marketing manager Will Keall said the survey shows a consistently clear trend towards debt reduction and savings for Australians’ use of their tax returns.
“It seems even more people are being cautious with their money and choosing to reduce personal and household debt,” Mr Keal said.
