Owning a home, or paying off your home sooner, are higher on the priority list for most Australians than getting married and having children, according the latest Westpac Home Ownership Report.
The survey revealed owing a home or paying off the mortgage are top priorities for 57% of Australians already with a home or planning to buy within the next 12 months, while having children and getting married rated at 8% and 5%, respectively.
This is reinforced by the fact that the majority (77%) of people surveyed believe that the true meaning of ‘home ownership’ is achieved only when their home loan has been paid off in full, as opposed to when they first purchase a property and take out a loan.
Tony MacRae, general manager of Westpac Mortgage Broker Distribution, says he understands the emphasis Australians place on their dream to own a home outright and that they are doing this with the help of their local mortgage broker.
“The Westpac Home Ownership Report reinforces how important owning a home is to Australians and it’s striking that people are prioritising this ahead of kids and marriage. The report has also shown that Australians need advice to help them own their home sooner,” says MacRae.
In response, Westpac is launching a campaign to support Australians to pay off their home loans more quickly and ‘truly’ own their own home sooner.