OFFPLAN NEWS

(20.06.2007 )
Property Australia Sign a mortgage in Australia

Despite being up to their eyeballs in debt, people who have mortgages have a greater sense of wellbeing than footloose renters, dealing with rentals property in Australia, research shows.

A survey of personal wellbeing by Professor Bob Cummins, from Deakin University's school of psychology, reveals lower levels of wellbeing among renters compared with mortgage holders at all points on the income chain.

Renters were more likely to be single, lead a more mobile lifestyle and miss out on the bond that was formed between partners when they committed to a mortgage together, Professor Cummins said.

He also found Australians reported higher levels of wellbeing after the September 11, 2001, and Bali terrorist attacks, because these forced them to think about the importance of families. "All of this created an amazing sense of external threat that Australia had not really had since World War II," he said. "This kind of threat caused people to bond much better."

Signing a mortgage was a good way to increase wellbeing because it acted as a "long-term bonding mechanism", like marriage, giving couples greater certainty in their relationship, the professor said. "They have a clear investment in their combined future. People who rent have not made that kind of mutual commitment."

Renters reported lower levels of wellbeing than mortgage holders and home owners at every point on the income scale. While higher incomes did bolster wellbeing, a renter with an annual income of $90,000 was only slightly more satisfied than a home owner on less than $15,000 a year.

Professor Cummins said men in particular had a lower sense of wellbeing if they lived or rented alone. When a man and a woman lived together, the survey found men were more satisfied than women when assuming the role of sole breadwinner. "It is still not a normal thing for a couple to be in a household where the female is the sole income earner," Professor Cummins said. Men and women were happiest when they shared responsibilities equally, he said.

The survey also identified insecurity about income as a powerful influence on wellbeing, despite low unemployment. "People tend to commit their income each week to maximise their lifestyle with very little view to having some buffer if things go wrong," Professor Cummins said.

The survey of 2000 people was commissioned by the health insurance and financial services company Australian Unity.

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