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Jessica Darnbrough
Home owners are becoming increasingly comfortable with their mortgage repayments, new research has revealed.
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According to the latest ING DIRECT Financial Wellbeing Index, comfort with mortgages nationally is near historic highs, as households continue to pay down debt ahead of time.
New South Wales home owners are the most comfortable, with 62 per cent ahead on their mortgage repayments – the highest of any mainland state.
The national figure remains strong with 48 per cent paying down long term debt earlier.
In addition to these findings, the number of mortgage free households in Australia is at its highest point since the survey began in Q1 2010, currently sitting at 28 per cent.
"Our research shows there is greater level of comfort with mortgage debt as increasingly homeowners are ahead with their repayments," ING DIRECT's executive director delivery Lisa Claes said.
"As a customer's confidence with their mortgage increases, they are likely to consider expanding their property portfolio through investment properties."
According to Ms Claes, this sentiment, together with the affordability of housing stabilizing, could be an opportunity for brokers within their existing customer base – a view many brokers agree with.
In The Adviser's latest sentiment survey 27.5 per cent of brokers said investors would dominate the residential property market over the coming six months – significantly ahead of first home buyers, upsizers and down-sizers.
