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Mortgage holders still confident about financial position

Staff Reporter 2 minute read

Mortgage Choice’s Financial Temperature Check Survey has found that despite the international credit crunch and high interest rates, almost three quarters of Australians regarded their current financial situation in a positive light.

Of 1002 survey respondents, 16 per cent described their outlook on personal finances as solid; 57 per cent said it was reasonable/moderate.

Only 20 per cent of all respondents said it was weak and six per cent answered ‘terrible’.

Of those respondents that were mortgage holders, 19 per cent answered ‘solid’ and 61 per said ‘reasonable/moderate’.

Only 17 per cent answered ‘weak’ and less than three per cent said ‘terrible’.

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According to Mortgage Choice’s senior corporate affairs manager Kristy Sheppard the results were surprising given the amount of attention bestowed on falling consumer sentiment and increasing homeowner financial troubles in a time of volatile global liquidity.

"With all the talk surrounding high living costs, mortgage stress, mortgage arrears, low consumer sentiment and the like, Australians are fairly positive. Interestingly, mortgage holders are actually more positive than those without," she said.

"The survey was completed over late September, so these uplifting results could indicate that [September's] interest rate drop – the first in seven years – contributed to overall mortgagor positivity. Whatever the reason, it is heartening to hear that many Australians are feeling optimistic about and prepared for their financial future.”

Published: 13-10-08

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