The majority of Australians are buying their first home before the age of 30, a new survey has found.
According to a recent poll by Club Financial Services, 77 per cent of first homebuyers were under 30 when they purchased property.
The group’s general manager Andrew Clouston said this statistic is unsurprising considering the recent FHB incentives.
“While showing they are financially savvy, people in their 20s have often been typecast as being focussed on wanting gratification today and paying for it tomorrow, building up lots of credit and personal loans,” Mr Clouston said.
“This assumption was somewhat confirmed with 22 per cent of people in their 20s having a personal loan, significantly higher than any other age group in the survey.
“Our advice to people in their 20s, is to identify their financial goals, to ensure they are making decisions now that put them in a strong financial position in the future. Short term goals (five years or less) may include a wedding, honeymoon, furniture, a new car or an investment property, medium-term goals could include owning a home and financing children’s educations and long-term goals may include retirement and travel.
While some of these timeframes may seem a long way off, Mr Clouston said being able to plan for the short, medium and long term will make financial goals far more achievable and ensure the younger generation remains financially savvy throughout their life.
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