Money Mindset Report:

The power of understanding your options

happy family entering their new house

 Estimated read time: 3 Minutes

With the increased cost of living, inflation and rising interest rates making the headlines, we know that every dollar counts for many Australians and their families.

With this in mind, we wanted to get into the mindset of these everyday Aussies and understand how they're approaching their financial decision-making in these challenging times.

Our new research - based on the responses from more than 1000 individuals across the country - unpacks how Aussies research and understand the financial options available to them.1

Let's take a look at some of the key findings...

Ideas for options

Australians recognise that having options makes them more confident in decision making. 

Almost all Australians surveyed (98%) acknowledge that taking time to understand their options helped them make decisions more confidently, despite this, more than half admitted to taking the first loan approval option they were offered.

Nearly 4 in 5 admitted to experiencing regret at least once because of a past financial decision.

However, 71% of those said in retrospect, seeking additional options would’ve enabled them to make a better financial decision.

Aussies understand that it’s in their best interest to explore the options available, but many simply don’t follow through with this.

In fact…

Balanced

Aussies are more likely to seek options on a phone plan than a loan.

More than 70% of Australians surveyed say they are more likely to spend time researching their options for phone and internet plans, car insurance and even electronic purchases, than for a home loan. ​

65% recognise that financial advice including home loans is the most important area to seek out a second opinion on

That’s higher than health-related matters (60%) and other major purchases (55%).

Financial decisions

It can be overwhelming when making big financial decisions.

Cognitive emotions such as anxiety, stress and fear can play a part in the decision-making process when securing finance to get a home, car, or personal loan. 

1 in 4 (25%) cited a fear of being turned down elsewhere as the reason they have previously chosen to take the first option they were offered.

So who can help with understanding your financial options to alleviate the stress?

Broker explains options

There’s a golden opportunity for Aussies to connect with brokers.

Mortgage brokers can offer a clear understanding of the different loans, lenders and products available to meet the individual needs of everyday Aussies. 

64% of Aussies believe a broker could help them understand their options

Taking that little extra time to understand your loan options could put more money back in your pocket, help you get the best option for your circumstances, or it could even be the difference between getting approved for a loan or not – surely that’s time well spent.

 

Money mindset report

Take a deeper dive and read our ‘Money Mindset Report’. 

Want to know more? Our Money Mindset Report is based on the responses of more than 1000 everyday Aussies. 

The report unpacks how Australians research and understand the financial options available to them. 

Want to know more about your options? We're here to help.

There's power in understanding your options when it comes to making a financial decision - don't settle for a no without checking your options.

We understand that personal circumstances and situations change over time, and strive to meet these changes head on to provide our customers with relevant options.​

Our diverse range of home loan options, asset finance, personal loans, and commercial lending mean that a "no" from the bank, could still be a "yes" from us.

Call one of our lending specialists on 137 377 or enquire online.

Alternatively, speak to an accredited mortgage broker about your options.

 

Apply for a Pepper Money Home Loan

Want to find out where you stand?

We've got the online tools and calculators to help get your home loan journey underway. Work out how much you may be able to borrow and even quickly find out what indicative interest rate you might be eligible for.

1 This research was conducted by PureProfile on behalf of Pepper Money with a representative sample of 1,010 respondents in Australia aged 18-65+ years old. The research was in field from 11th July 2022 until 15th July 2022. 

Get in touch with a Lending Specialist

Tell us about your situation. The more we learn, the better we can help.