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Over the past 20 years, the number of Australians aged 55 to 64 who owned their homes outright had almost halved.
A survey by Digital Finance Analytics found about three-quarters of retirees with a mortgage owe more than they have in superannuation.
The trend is expected to continue, as the age of first home buyers is on the rise, which experts warn could see more people use their superannuation to pay down their home loans and rely on the age pension.