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PPG_Blog_August_image 5_westpac home ownership

In a newly released home ownership report by Westpac Bank, it seems that ‘owning a home’ or paying off a home loan sooner are the top priorities for many Australians. In fact 57% of Aussies who already have a home or are planning to buy within the next twelve months place these goals at the top of their ‘to do’ list.

These findings are reinforced by the fact that 77% of people surveyed in the report 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.

In response to their report outcomes, Westpac is launching a campaign to support Australians to pay off their home loans quicker and truly own their own home sooner. Tony MacRae, general manager of Westpac Mortgage Broker Distribution says, “Our research indicates that many features designed to help pay off loans quicker are not fully understood, meaning Australians are missing out on opportunities to pay off their home loan faster. For example, more than one in three (37%) Australians with a home loan have an offset account, which is a great feature to offset and save on interest. However, more than one in three (36%) of those didn’t actually understand how an offset works so I doubt they are using it to their full potential. ”

All home loan customers should undertake a ‘mortgage health check’ every few years to ensure they are getting a good deal, but also getting a product with the features and benefits that best suits their current needs.

(Some data for this article was sourced from www.westpac.com.au)

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