More than a quarter (27.1%) said they would put off having children to afford their own home, while one-in-five (21.8%) were willing to give up basic necessities.
More than half of millennials surveyed would give up little luxuries (57.7%), experiences (56%) and big-ticket items (55.3%) to get on the property ladder. And more than a quarter (27.8%) were willing to sacrifice their independence by living with parents or family for longer.
“These results are really promising and paint a very different picture of young Australians to the one we usually hear,” says Bankwest General Manager Personal and Third-Party Donna Dalby. “This is not a bunch of carefree kids ignoring the future for an indulgent moment. This is a group of people who have financial goals they want to achieve and are willing to sacrifice big to do that.”
According to the survey, only one-in-five admitted to knowing exactly how much they needed for a deposit, while a similar number (20.1%) said they had made a savings plan but failed to stick to it.
But while Donna admits that “property prices – particularly on the east coast – and cost-of-living pressures have combined to make home ownership a daunting prospect for many,” she nonetheless points out that “we know there are options available.”
“Owning your own home is a key moment in life and it’s important we do all we can to make that process as simple and transparent as possible, and help customers achieve their dream,” says Donna.
To help first home buyers understand the process and overcome common hurdles like getting that deposit together and sticking to a savings plan, we’ve put together a checklist that includes guides, tools and tips all in one place.