Millennials still dream of home ownership
The growing gap between incomes and house prices is not turning Australian Millennials off the dream of home ownership, a new study has revealed.
The Gateway Bank and Genworth study surveyed more than 2,000 Millennials across Australia and found that 94 per cent considered home ownership as necessary.
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Of those surveyed, more than half were not on the property ladder, while 40 per cent did own property with a mortgage.
Nearly 60 per cent viewed owning a home as a sense of “stability and security”, while 46 per cent viewed paying rent as a waste of money.
However, more than half of Millennials are unable to afford the deposit to home ownership right away.
“Though it’s more challenging than ever before to get a foot on the property ladder, there are options available that can help Millennials achieve their goals sooner,” Gateway Bank CEO Lexi Airey said.
“Maximising their savings potential by setting up a dedicated savings account with restricted access – think about repurposing a Christmas Club account, for example – or shopping around for the best interest rates could make a big difference. Those in the position to get a helping hand from their relatives might want to consider a Family Pledge home loan, which can accelerate their journey to owning a home.
“Additionally, first home buyers should look into the government’s First Home Owner Grant initiative and check to see if they’re available from stamp duty concessions.”
