Australians may be swimming in debt but that doesn't mean they're worried about it. A recent survey from insurance provider Genworth found that although most Australian home owners are among the most indebted in the world they have no problems borrowing more than their means.

The survey also found that one in five Australian homeowners have spent their after tax income on paying off their mortgages, according to a report in the Sydney Morning Herald. Ellie Comerford, Genworth Australia chief executive said in a statement that Australians are the most relaxed about being highly leveraged. ''Whether for financial or cultural reasons, Australians are the most relaxed about being highly leveraged, with one in three comfortable borrowing more than 80 per cent of their home's value, the highest proportion of the eight countries surveyed,' said Comerford.

Australians pay on the average 45 per cent of their income to paying off debts, a figure that is higher than any other country surveyed which include-Canada, Ireland, Italy, Mexico, Britain, India and the US.

Four of five of Australian homeowners say they have no problems meeting their mortgage payments. 45 per cent of those surveyed overpaid their repayments well above the average of 26 percent in other markets. Australians are also more optimistic about their country's economic prospects, 37 percent expressed their confidence in Australia's economy which is 7 percent higher than those living in other countries.

Australians buy their first homes at the average age of 28.6 as of March this year but this is age has increased at faster rate than other countries surveyed.