Young home loans customers 'keen on investment property'

Wednesday 27 July 2011

Article by Mozo

Many Generation Y Aussies are looking to get home loans to purchase investment properties, a new survey has found.

Generation Y 'want investment properties'

The report by Mortgage Choice revealed that 43 per cent of those falling into this demographic were looking at this option for their first real estate acquisition.

Kristy Shepherd, spokesperson for the firm conducting the study, commented: "Our findings call into question the concept of the 'Great Australian Dream' for people aged 30 years and younger."

There were also positive signs regarding the financial plans of Generation Y, with 65 per cent saying they would be willing to cut back on eating out and takeaways to fund a property purchase and 64 per cent saying they would reduce their day-to-day spending.

Such was the enthusiasm for property purchases, 23 per cent said they were likely to take on an extra job to ensure they were financially equipped to pay off their home loans.

Earlier this month, research by Lifewise found that only 32 per cent of Generation Y youngsters had racked up credit card debts higher than $5,000.

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