NEW Research from UBank says more than half of all mortgage holders surveyed skip time with their family to work more so they can pay off their mortgage.
The nationwide survey asked Australians with mortgages how comfortable they were with their current financial situation and whether their mortgage was causing them unwanted stress.
The results also revealed 54% have forgone a family holiday because of financial pressures while nearly two-thirds (59%) have cut a holiday short after considering mortgage payments.
UBank CEO Lee Hatton said "The research uncovered some concerning results".
"The key takeout being that Australians are working too hard to pay off mortgages they can only just afford and subsequently not living comfortably.
"One in four Australians admit they are financially stretched in relation to meeting their mortgages and as a result, they're sacrificing their personal and social lives."
The research also uncovered that 85% of Australian mortgage holders have at least one unused room in their house and from those nearly two thirds (58%) admitted they could live without the extra space.
"What we are seeing are people buying houses or 'the dream' which is too big for their needs," Hatton said.
The research also showed 80% wish they could spend more time at home, which UBank says is an indication they are spending more time working to pay off the house than actually enjoying living in it.
50% of homeowners are also declining at least two social outings a month to meet their mortgage repayments.
"While it's important to be smart with money, we encourage Australians to choose houses that are in reach financially so they can live fulfilling and happy lives without undue financial stress," Hatton said.
When asked to rank the top five actions they would take to help pay off their mortgage if circumstances changed tomorrow:
- 26% said 'do your own home maintenance and repairs
- 24% said 'extreme power saving at home'
- 32% with two or more unused spaces/rooms would rent out a room.
- 17% with children aged under eighteen would pull their children out of childcare, and
- 7% would give away their pets.