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Young Australians use tax refund to pay for home

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A large percentage of the taxman’s dollars will be used to boost the housing market this year.

Almost a quarter of Australian taxpayers will be using their tax refund to pay off a mortgage.

Young adults are especially keen to cash in their tax return to get ahead in the property game, a homeloans.com.au survey found.

The 18-24-year-old demographic are committed to strengthening their foothold in the property market, with more than 15% planning to put their tax refund towards a home deposit. The same number are earmarking the money for mortgage reduction, having already purchased a home.

Another third of young people plan to invest or save the money.

Shopping sprees and cars were less of a concern, accounting for less than 5% of plans for tax refunds overall.

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