The Reserve Bank’s cash rate reductions in September and October have contributed to a small but apparent lift in Australian mortgage holders’ confidence.
The ING Direct Savings Census released yesterday showed 13 per cent of borrowers were now able to spend more day to day, and 10 per cent more were even able to save for a holiday, baby or car.
19 per cent less respondents also felt less likely to lose their home however 37 per cent of the 1,256 respondents were still worried about their financial situation.
Brett Morgan, ING DIRECT executive director, said borrowers were still cautious but the results indicated confidence was on the rise.
“The rate cuts combined with the federal government’s stimulus package are slowly returning confidence after a sustained period of escalating interest rates,” he said.
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