Kids and marriage rank second to home ownership

Home ownership has topped the list of priorities for Australians ahead of having kids or getting married the Westpac Home Ownership Report has revealed.

According to the report, 57 percent of Australians already with a home loan or planning to buy within 12 months said that 'owning a home' or paying off their home sooner was their top priority compared with having kids (8 percent) and getting married (5 percent).

"The report reinforces how important owning a home is to Australians, and it is striking that people are prioritising this ahead of kids and marriage," said Gai McGrath, General Manager of Retail Banking at Westpac.

With home loan interest rates at 50 year lows, many Australians with home loans are taking advantage of paying down their mortgage yet research by Westpac indicates that many features that are designed to help pay off loans quicker are not fully understood, and Australians are missing out on opportunities to pay off their home loans faster.

According to the report 37% of Australians with a home loan have an offset account yet only one in three people actually understand how an offset account works.

"There is also a lot of confusion about the types of home loans available in the market," said Ms McGrath."20 percent of those intending to buy in the next 12 months had no idea what type of loan structure they should take up."

Australians looking to take advantage of the current low interets rates can compare home loans to find a better rate on Mozo.