Mortgage at first sight: Aussie couples buying property before getting married

• 11% of couples look to buy a property together in the first year of their relationship
• Around a third (34%) of couples would spend up to 50% less on their wedding after making a property purchase
• Almost half (47%) of couples share all their bank accounts, while 14% keep their finances separate
• When it comes to getting a competitive loan, Mozo’s database shows Reduce Home Loans is offering the leading variable rate at 1.77% which is 105 basis points below the average variable rate (2.82%)

As the property market continues to run hot, research by financial comparison site Mozo has found almost a quarter (23%) of loved up couples are committing to a property purchase before walking down the aisle. 

“It seems one of the first calls many couples make when committing to each other is to a lender to see how much they can borrow, as the fear of missing out on a property purchase is stronger than the desire to walk down the aisle,” says Mozo spokesperson Tom Godfrey.

Mozo also found 11% of couples look to buy a home together in the first year of their relationship, while just over half (52%) will wait two-to-five years before planning to step onto the property ladder.

“For some couples it’s very much a case of mortgage at first sight, as their love affair with property takes precedence over a public commitment around their relationship, ” Godfrey says.

“So with many couples rushing into home ownership one of the most important things they can do to help ensure their relationship starts off on a firm financial footing is comparing home loan interest rates and getting the best possible deal they can.”  

Mozo’s database shows 89 lenders and by choosing the leading variable interest rate, Reduce Home Loans - Super Saver Variable at 1.77%, instead of the average of 2.82% borrowers can save as much as $76,087 and shave more than three years off their loan. 

Mozo also found just over a third (34%) of couples would spend up to 50% less on their wedding after making a property purchase.   

“Although their weddings and commitment ceremonies might not be as extravagant, couples who choose to invest in property are on the path to building equity in their family home which could pay off in the long run,” Godfrey says. 

As for how couples choose to manage their finances before purchasing a property, Mozo found almost half (47%) share all their accounts. It also found over a quarter (26%) have a few joint accounts for shared expenses but also have their own accounts, 14% have separate accounts and 13% just have a shared account to save for a home.

Home Loan Tips:

• Save a decent deposit
• Check to see if you’re eligible for any first owner buyer grants
• Compare home loan interest rates

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Notes: Mozo conducted national representative research through Researchify in August 2021 n = 1,670.