What do Australians really want?
Did you know that for 57% of Australians, owning their own home is their top priority? That’s just one of the findings of the recently released Westpac Home Ownership Report. We’ve outlined some of the findings below to help you navigate your way through the home loan maze.
In July 2013 1,594 online interviews were conducted with 1,057 home loan holders (owner occupiers) and 537 people intending to buy in the next 12 months. With a close to even split on gender, it was found that owning a home or paying it off sooner is the top priority for 57% of Australians with a home loan or those planning to buy in the next 12 months. Closely connected to this, 77% of respondents say that ‘home ownership’ is only achieved when a home loan is paid off in full, not when a property is purchased.
Offset accounts most popular but also misunderstood
The most popular home loan feature was the offset account with 37% of people preferring it as an option in their home loan. However, more than a third of home loan holders and those intending to buy don’t know what an offset account is. If you’re wondering – an offset account is an everyday banking account that’s linked to your home loan. Every dollar in that account ‘offsets’ or reduces by an equal amount, the home loan balance on which your interest is charged.
Home loan options widely misunderstood
1 in 5 people surveyed were unsure about what kind of home loan is best for them and more than 1 in 5 don’t know what a variable interest rate is. If this sounds familiar and you’re unsure of your options and what’s best for you, we can help. Our online calculators and comparison tools will help you establish your best home loan options and make the right choice for your circumstances.