Almost seven out of ten Australian households are “very comfortable” with their home loan, according to the ING
Direct Household Financial Wellbeing Index.
The index revealed that 68% of households are “very comfortable” with their mortgage debt, which is an all-time high for the survey. One in three (31%) of Australian households are mortgage free and 44% of households are ahead with their mortgage repayments, up from 38% in the third quarter of last year.
New South Wales is the most comfortable with their finances and financial wellbeing, followed by WA, VIC, SA and then QLD.
“It’s great news that financial wellbeing has risen across the country and households are increasingly comfortable with their debt levels,” Mark Woolnough, Head of Third Party Distribution at ING
“Almost half of all homeowners are making the most of the current low interest rate environment and are getting ahead with their home loan repayments, which is a good strategy that will help them to maintain their financial health well into the New Year.”