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More than one in five Australians plan to use their tax refund to pay down their mortgage, according to new research.
A Homeloans survey of more than 750 Australians found that 64 per cent expect to receive a tax refund this year.
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Of those, 21 per cent said they would use some of the money to reduce their mortgage, while 33 per cent said it would go towards paying off other debt such as credit cards.
The survey also found that 26 per cent of respondents planned to use the refund for investment or savings purposes, while 18 per cent nominated holidays and 13 per cent chose renovations.
Homeloans national marketing manager Will Keall said the survey results show that Australians are aware of the need to get their debt under control.
The average tax refund in 2012/2013 was about $2,000, according to the Australian Taxation Office.
[Related: Household debt causing mortgage stress]
