Young Australian couples are more likely to forgo marriage and children in favour of buying their own home, according to new research by ME.
The bank’s survey of Australian borrowers found that 24 per cent of Millennials either delayed having children or decided to have fewer children in order to commit to a mortgage, compared to 12 per cent of Gen X respondents and 10 per cent of baby boomers.
The survey also revealed that 23 per cent of Millennials delayed or downsized their wedding in favour of a home loan, compared to 8.0 per cent of Gen X borrowers and 4.0 per cent of baby boomers.
Furthermore, 21 per cent of Gen Y respondents delayed or downsized their honeymoon to become a mortgage holder, compared to 9.0 per cent of Gen X respondents and Baby Boomers respectively.
ME’s head of home loans, Patrick Nolan, said with house prices more than doubling in the past 15 years, it’s not surprising that couples are questioning the value of an extravagant wedding.
“What we’ve seen, however, is that with a little lateral thinking and some sensible saving and budgeting, couples are finding increasingly savvy ways to save for their house deposit and eat their wedding cake too,” he said.
[Related: More FHBs turning to Mum and Dad]