Paying off mortgages takes priority in 2015

The start of a new year often means that people set themselves goals for the coming 12 months, and in 2015 it seems more Australians are focusing on their finances. A survey from NAB shows that financial independence and responsibility are likely to feature high on many people’s agendas, as they focus on a more prosperous future.

In light of this, consumers could find themselves approaching mortgage brokers for their services, as large numbers of Australians hope to pay off their home loan faster. This is particularly true of the 30 to 49-year-old age bracket, as they were found to be intent on paying back their lender.

NAB’s Chief Economist Alan Oster commented: “Families with kids are more likely to focus on the mortgage and other loans in 2015, while Australian singles say they will prioritise paying off credit cards, change their job or work situation and ‘live for today’ without any firm commitments.”

Of those questioned by the bank, 31 per cent revealed they would like to save more money in 2015, which is something home loan refinancing could help them achieve. Furthermore, 24 per cent plan on making fewer impulse purchases, while 18 per cent want to stick to a stricter budget.

Western Australians were found to be the most impulsive, as 22 per cent said they had not set any financial resolutions and would live for the moment. This is more than twice the amount who said the same in other states.

The latest lending data from the Australian Bureau of Statistics shows a 0.2 per cent increase in the number of home loans granted for owner occupation between September and October 2014. This indicates that more people are keen to get onto the property ladder and make an investment that could set them up for a more financially secure future.