Mortgage payments to last retirement

04 JAN 2011 • 1 min read • Finance

Almost half of all Australian households will be paying off their mortgage in retirement.

According to new research by RaboDirect, 49 per cent of surveyed respondents said they would be older than 60 before they finish paying their mortgage.

The survey by RaboDirect, a subsidiary company of Rabobank Australia, questioned people about their attitudes and behaviour towards debt and savings.

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The results found that a significant portion of Australians have a low level understanding of many financial services and products.

About half the survey thought transaction and savings accounts were the same thing.

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Mortgage

Mortgages are loans that are used to buy homes and other real estate where the property itself serves as collateral for the loan.