AUSTRALIANS are milking record-low interest rates to smash down their home loan debts and pay off their mortgages in full.
The long stretch of low interest rates since the global financial crisis is expected to continue well into 2015 and new results show Australians are maximising the good deals on offer.
Citibank’s
annual 2014 financial survey found 25 per cent of Australians are
mortgage-free and own their home outright compared to 2007 when it was
just 16 per cent.
However the number of Australians paying off a home loan has crept up from 38 per cent in 2007 to 41 per cent in 2014.
The bank’s head of banking solutions and wealth management,
Dierdre Wroth, said Australians had remained focused since the GFC on
their stashing cash and culling debt.
“They either accumulate cash or they start to deleverage their debt,’’ she said.
“We’ve seen different aspects of people managing their debt, paying down the mortgage has become easier and rates are lower.
“They are very happy to put those funds into their mortgages rather than just put money into a bank account.”
The Reserve Bank of Australia has kept the cash rate on hold at 2.5 per cent since August 2013 and banks are continuing to offer record-low interest rates below five per cent.
RBA figures show Australians are now more than two years’ ahead on their mortgage repayments.
The research also showed the number of people renting has dropped, falling from 36 per cent in 2007 to 24 per cent.
HSBC chief economist Paul Bloxham said the ageing population had also contributed to an increasing number of older Australians paying off their loans in full.
Elite Wealth Creators have been involved in the property and finance industry for over 20 years. Our Investment Property Strategists deliver investment grade properties to the investment market and mediate between the developer and the investor. We also assist first home buyers in purchasing their first home in QLD through our house and land packages – this includes receiving $20,000 cash back towards their mortgage by buying one of our full turn-key packages.
Our service will take you through the complete process of buying positive cash flow property, including:
• educating you on positive cash flow and the ability to pay your mortgage off years in advance
• saving you thousands of dollars in interest
• supporting you in the decision on which property to buy
• assisting in the organizing of your finances, if required
• preparing you for settlement of contracts
• liaising with other professional advisers on your behalf if required.
Our Strategists specialise in delivering quality positive cash flow property and also helping investors pay off their mortgage years in advance
http://www.
sales@elitewealthcreators.com
1800 GO ELITE
The long stretch of low interest rates since the global financial crisis is expected to continue well into 2015 and new results show Australians are maximising the good deals on offer.
However the number of Australians paying off a home loan has crept up from 38 per cent in 2007 to 41 per cent in 2014.
“They either accumulate cash or they start to deleverage their debt,’’ she said.
“We’ve seen different aspects of people managing their debt, paying down the mortgage has become easier and rates are lower.
The Reserve Bank of Australia has kept the cash rate on hold at 2.5 per cent since August 2013 and banks are continuing to offer record-low interest rates below five per cent.
RBA figures show Australians are now more than two years’ ahead on their mortgage repayments.
The research also showed the number of people renting has dropped, falling from 36 per cent in 2007 to 24 per cent.
HSBC chief economist Paul Bloxham said the ageing population had also contributed to an increasing number of older Australians paying off their loans in full.
Elite Wealth Creators have been involved in the property and finance industry for over 20 years. Our Investment Property Strategists deliver investment grade properties to the investment market and mediate between the developer and the investor. We also assist first home buyers in purchasing their first home in QLD through our house and land packages – this includes receiving $20,000 cash back towards their mortgage by buying one of our full turn-key packages.
Our service will take you through the complete process of buying positive cash flow property, including:
• educating you on positive cash flow and the ability to pay your mortgage off years in advance
• saving you thousands of dollars in interest
• supporting you in the decision on which property to buy
• assisting in the organizing of your finances, if required
• preparing you for settlement of contracts
• liaising with other professional advisers on your behalf if required.
Our Strategists specialise in delivering quality positive cash flow property and also helping investors pay off their mortgage years in advance
http://www.
sales@elitewealthcreators.com
1800 GO ELITE
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