Westwood Conveyancing

Paying off home loan the top financial priority for Australians

Seven out of 10 Australians have said their number one financial goal is to pay off their home loan, according to a Neilson survey commissioned by Crown Lending.

The survey of more than 500 home loan borrowers showed 68% said paying off their home loan was their top financial priority – more than five times those who said it was to save for retirement (13%).

Almost one in 10 respondents (8%) said purchasing an investment property was their number one goal, followed by 6% who said it was to pay for their children’s education, 4% who said it was to pay for home renovations and 2% who said they had other financial goals.

Crown Lending CEO Scott Parry said the Nielsen survey results showed that the overwhelming majority of Australians wanted to live debt free.

Mr Parry said while it was pleasing to see so many Australian's focused on paying off their home loan, many mortgage holders lacked the money management skills to realise their ultimate financial goal.

"It has always been the great Australian dream to own your own home but many people struggle to pay off their loan and end up in debt for 30 years or more," he said.

"As the results of the Nielsen survey show, paying off a home loan is still the top financial priority for the majority of home loan borrowers, but most people don't realise that the trick to getting out of debt comes down to basic money management skills."

Mr Parry said by focusing on debt reduction and following a money management program, home loan borrowers could halve the average mortgage time from 30 to 15 years.

Source: REINSW

http://www.reinsw.com.au/Paying-off-home-loan-the-top-financial-goal-for-Australians/default.aspx

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