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Australians' financial savvy still has some way to go

Staff Reporter 1 minute read

Mortgage lenders and brokers have their work cut out for them with almost half of Australians believing they can purchase a property without a steady income. One in six also believe that lenders mortgage insurance (LMI) will cover repayments if they become unemployed.

According to MyRate.com.au, who conducted the research, the results, though worrying, were in improvement from 2007 and indicated that Australians are becoming more financially savvy.

The 41 per cent of Australians who believed they could purchase property without a steady income was an improvement from the 52 per cent recorded in 2007.

Those that thought LMI would cover them rather than the lender also reduced by nine per cent from the year prior.

Managing director of MyRate.com.au Kevin Sherman said respondents’ improved financial understandings could likely be partly due to the global credit crunch, which has made better understanding personal finances a necessity.

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Published: 02-05-08

Australians' financial savvy still has some way to go
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