Australians pay down debt at accelerated level

Australians pay down debt at accelerated level

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The investor market may be set to boom again, with new research showing Australians are paying down their debts faster and thus accruing greater equity in their property.

According to the ING DIRECT Financial Wellbeing Index, Australian households continue to pay down debts and build up savings in an attempt to secure their financial wellbeing.

Comfort with long term debt is at its highest point since Q2 2010, with 40 per cent of households with a mortgage paying down ahead of time, and 56 per cent are paying as due – up from 54 per cent last quarter.

“It’s clear households have changed their view of debt and have prioritised accelerating mortgage repayments,” ING DIRECT executive director delivery Lisa Claes said.

“This may present opportunities to brokers who can help their customers utilise their growing equity, for example, as a deposit to purchase an investment property.”

The Wellbeing Index also found that the median outstanding mortgage balance is $182,581 – slightly lower than the $219,747 recorded last quarter.

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