As the gap between incomes and house prices climbs, it 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 94 per cent considered home ownership as necessary.
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.”