A recent survey conducted by ME revealed despite record low interest rates, almost one in two Australians are planning to save or invest their tax return this financial year.
The survey found that although saving was the most popular use of this refund, 32% of respondents also planning to spend some this money on debts such as home loans or credit cards.
Of the 17% planning to use this money on discretionary items, 50% are splashing this cash on a holiday, 40% on clothes and shoes, and 31% on eating out/entertainment.
Its great to see a fair share of people using their tax refund to reduce their home loan or credit card debt. These smart people will be debt free faster!
Like to know how I can help you pay off your home loan faster – call me to discuss on 0402 894 821
John Kraws – Your Local Mortgage Broker