news

Australians eager to pay down mortgage

By webmaster

One in two Australians would pay down more of their mortgage if the Reserve Bank was to signal a rate cut, new research has found.

A national survey of more than 1,000 home owners and investors commissioned by Mortgage Choice found 50 per cent would contribute more to their home loan if rates were to fall over the coming months.

An additional seven per cent said that while they would spend more in the case of a rate cut, they would also save more by contributing extra to their home loan.

“Our national survey discovered only one in five of the 1,000-plus respondents, all of whom were mortgage holders, will spend more if interest rates drop,” Mortgage Choice spokesperson Kristy Sheppard said.

“In fact, every second person will simply contribute all extra funds into their home loan.”

Mortgage Choice said it supported the RBA’s decision to keep interest rates on hold in September, and it expected to see an increase in consumer and business confidence, Ms Sheppard said.

“Sanity prevailed with September’s cash rate decision. It should lead to improved consumer and business confidence as spring moves in,” she said.

“A rate rise would have increased the financial strain on businesses within housing, manufacturing, retail and many other industries. Ongoing rate stability will hopefully see them move to steadier ground, to a position where they feel less pressure to cut employee hours or reduce staff numbers.”

Thank you.

Your enquiry has been sent to a local Aussie Mortgage Broker.

We will be in contact with you shortly.
Opps.

error occurred.
Unfortunately Aussie cannot attend to your home loan related enquiry at this stage as you must be a citizen or permanent resident.
Do you need help finding the right loan for your investment?
What Aussie do for you:
  • Give expert mortgage advice to help you find great investment loan deals
  • Help you maximise return by lowering financing costs
  • Save you time and effort by helping with the paperwork
First name
Last name
Location
Mobile Number
Are you an Australian Resident?
promoted stories

Top Suburbs

Highest annual price growth - click a suburb below to view full profile data:
1.
BLUE BAY 49.18%
2.
PAMBULA 43.5%
3.
BERKELEY VALE 42.74%
4.
POINT PIPER 40.52%
5.
NORTH TURRAMURRA 38.12%
Australians eager to pay down mortgage
SPI logo