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ISCOVER
Staff Reporter
More than 90 per cent of homeowners are ‘comfortable’ with their mortgage repayments, research has revealed.
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According to ING DIRECT’s Financial Wellbeing Index, in the first quarter of 2013, 44 per cent of home owners were ahead with their loan.
In addition, comfort with long-term debt now has the strongest rating across all six financial indicators – with a score of 5.7 out of a possible 7.
“Australians are taking advantage of low interest rates to pay down their mortgage – which is a good thing,” ING DIRECT’s executive director of delivery Lisa Claes said.
“Not only are households getting on top of their mortgage, but they are building strong cash savings and not letting mortgage repayments rule their balance sheets.”
The Index also showed Australian households have median savings of $15,427 – the highest since tracking began in the first quarter of 2010.
Among households with a mortgage, 44 per cent are paying down ahead of time, 50 per cent are paying as due and 5 per cent are getting behind.
