Australians are better than Americans at managing mortgages

Friday 13 April 2012

Article by Mozo

Aussies are more proactive when it comes to repaying their home loans than American people, the Reserve Bank of Australia (RBA) has claimed.

In an address to the Federal Reserve Bank of Atlanta 2012 Financial Markets Conference, the RBA's head of financial stability department Luci Ellis suggested Americans do not take home ownership as seriously as people down under.

Ms Ellis believes that being able to lay claim to your own property is still seen as the "Great Australian Dream".

The RBA representative then went on to present a graph that highlighted the difference between Australians and US nationals when it comes to making mortgage repayments.

"American households are less likely to pay their mortgages down ahead of schedule than Australians," Ms Ellis remarked.

It seems that Australians are also on the ball when it comes to monitoring the risks attached to their mortgage package.

The Australian Finance Group recently revealed that people have been switching to fixed-rate home loans in their droves, as uncertainty grows over interest rates.

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Australians are better than Americans at managing mortgages

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