Westpac has launched a new campaign urging Australians to pay off their home loans quicker to truly own their own home sooner.
The ‘Home Owns’ campaign (see TVCs below), created by DDB, allows customers to find out how many dollars and years they could save with ' Rocket Repay', boasting the tagline “Don’t own a home loan, own a home”.
Westpac’s own Home Ownership Report has revealed that owning a home or paying off your home sooner are the top priorities for 57% of Australians already with a home or planning to buy within the next 12 months, while having children and getting married only rated at 8% and 5% respectively.
The banking giant said these figures are reinforced by the fact that the majority (77%) of people surveyed believe that the true meaning of “home ownership” is achieved only when their home loan has been paid off in full, as opposed to when they first purchase a property and take out a loan.
“The Westpac Home Ownership Report reinforces how important owning a home is to Australians, and it’s striking that people are prioritising this ahead of kids and marriage. The report has also shown that Australians need advice to help them own their home sooner,” said Gai McGrath, general manager of retail banking at Westpac
The campaign highlights that by considering a few simple steps such as setting up a home loan with a 100% offset account, accelerating the frequency of payments to fortnightly rather than monthly, and making additional repayments can reduce both the term of the loan and save thousands in the long-term.
Earlier this month DDB’s grip on the Westpac account tightened after a reshuffle saw Lavender moved off the bank’s below-the-line account.