news

Tax refund not going to waste this year

By webmaster

More than half of Australians are planning on using their tax refund to pay off debts, according to a survey by non-bank lender Homeloans.

Figures released today show that 52 per cent of Australians expecting to receive a tax refund won’t use it on a holiday or shopping spree.

With economic concerns and the rising cost of living cited as the main motivators, 21 per cent of budget conscious Australians plan to save their refund for a rainy day.

And of those 25 per cent who plan to spend their refund, only 10 per cent will buy something for themselves; paying off bills is the number one priority.

Homeloans’ national marketing manager Will Keall says it is a welcome change to past years.

“With the end of the financial year fast approaching, most Australians traditionally look forward to their annual tax refund as a welcome bonus to spend on either themselves or their families,

“A tax refund is often seen as free money, which makes it very tempting to spend right away. However, it’s important to remember that the refund you’re getting back is your own money.”

The survey unsurprisingly reveals that 80 per cent are today more cautious with money than they have been in previous years.

“Despite the relative strength of the Australian economy, international economic uncertainty coupled with the rising cost of living is having a major impact on our spending habits.

“Many of our survey respondents also had very real concerns about their job security, with redundancies already making an impact in certain employment sectors,” says Mr Keall.

“Reducing personal and household debt is therefore a major priority. For many consumers and homeowners, it’s time to batten down the hatches.”

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%
Tax refund not going to waste this year
SPI logo