Borrowers stay ahead of debt

Almost 50 per cent of Australians are paying down their mortgage ahead of time.

According to the latest ING DIRECT Financial Wellbeing Index, 49 per cent of Australians are paying off their mortgage sooner than they have to – the highest proportion since the Index was launched back in 2010.

Around the country, 58 per cent of Queenslanders were happy to pay off their mortgage sooner rather than later, while 36 per cent of households in NSW were paying their mortgage ahead of time.

Fifty seven per cent of Victorians are paying off their mortgage sooner, while in South Australia 49 per cent of homeowners were paying off their mortgage ahead of time.

In addition, the proportion of households that are “very comfortable” with their long-term debt situation has also hit its highest level, with 64 per cent of borrowers sitting in this category.

“It is great to see comfort with long-term debt remaining high, demonstrated by households choosing to get on top of their debt,” ING DIRECT’s executive director for delivery, Lisa Claes, said.

“The Index shows we are paying down debt and building up savings, which is a very positive sign of overall financial wellbeing,” she said.

“Hopefully this positivity will translate to increased activity for our third party business partners through the early part of 2013.”

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