Paying off the mortgage 'an Aussie dream'
Paying off the home loan is the number one financial goal for most Australians, a recent report has ...
Paying off the home loan is the number one financial goal for most Australians, a recent report has revealed.
According to a Nielsen survey commissioned by Crown Lending, 68 per cent of borrowers said becoming mortgage free took precedence over all other monetary priorities.
In comparison, 13 per cent of the 500 home loan borrowers said their economic goal was to save for retirement.
Owning an investment property was the priority for eight per cent of respondents, while six per cent said financing their children's education was important.
Paying for home renovations was cited as the goal for four per cent of people and two per cent of residential property owners stated they had other fiscal priorities.
Scott Parry, chief executive officer of Crown Lending, said while it was encouraging that most homeowners are focused on becoming debt free, many borrowers aren't as money-wise in other areas.
"As the results of the Nielsen survey shows, 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 explained.