A new quarterly report by the St.George-Melbourne Institute has revealed a small dip in the number of people looking for alternative solutions for home loan refinancing, suggesting that financial conditions are improving for most Australians.
The 15.4% jump to 135.5 points on the index between September and December 2014 represents the best improvement for Australians since the institute started recording data 20 years ago.
The report also said the overall household financial conditions index saw an increase of 2.6%, the highest reading in 12 months. However, the index is down 2.9% when compared to the previous year.
Andy Fell, general manager of St.George Retail Banking General Manager believes the housing market has had a substantial role in improving financial conditions.
"The rising house prices and low interest rates we've seen over the past years have boosted household conditions for mortgage free homeowners and put them in a better financial position.
“This is an encouraging sign for Australians with home loans to take advantage of the current market and save more to down pay their mortgage so they can be a step closer to owning their dream home," he said.