Westpac’s Home Ownership Report reveals Aussies have had a change of heart with what matters most

By Ceyda Erem · · 3 min read
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Aussie first homebuyers are ditching trendy locations in favour of more modern designs when it comes to finding their dream home, according to Westpac’s Home Ownership Report.

The report analysed over 1,000 first homebuyers and homeowners and tracked data trends from the last two years,finding that Aussies have reprioristed their property essentials.

During the year, 83% of first homebuyers disregarded buying a home in ‘trendy areas’ or suburbs that were close to work as an ‘essential feature’, compared to 48% in 2016.

Head of Home Ownership for Westpac Group, Andy Wright believes that housing affordability and increasing household costs were to blame for the priority shift, suggesting that first homebuyers have become more flexible.

“These attitudinal shifts among first-home buyers towards home ownership suggest we may see more looking to buy in areas that they hadn’t considered, with many previously thought ‘essential’ features now just ‘nice-to-have’,” he said.

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Living in a quiet neighbourhood, proximity to public transport and safety were also essentials that have been dropped, decreasing by 37%, 21% and 9% respectively

Instead, first homebuyers have decided to look within and are searching for homes with modern kitchens or bathrooms, both increasing by 25% and 10%.

When it came down to current homeowners, it appears renovations are all the rage. The number of renovations has grown by 14% since 2015, with Westpac revealing that 62% of Aussies plan on using their savings to do so.

Mozo’s Property Expert, Steve Jovcevski says that this number will only increase within the next year.

“This is the lowest renovating has been as a percentage of total building in a long time because of other building constructions that have taken place. But the numbers (for renovating) will improve over the next year,” he said.

“The reason why so many people are choosing to renovate is stampy duty. If you want to upsize to a $900,000 home, the stamp duty on that would be $36,000. That money could go towards a new room or kitchen and you won’t have to go through any headaches to move.”  

Mozo recently reported on the renovation rise with many Aussies accessing personal loans to give their much-loved home a makeover.

And if you’re an Aussie looking to give your home a bit of boost through a personal loan, Jovcevski has a few quick tips to kick off your renovations the right way.

“Before you renovate, take care of the basic stuff first. Make sure all the plumbing and electrical stuff works - that’s more important. But don’t ever do it yourself, always get a professional and remember to let your home insurance policy insurer know you are renovating in case you need to upgrade your policy,” he explained.

If you think a personal loan may be your answer to sprucing up your home, our database has pulled a few for you to peruse. You can also check out our personal loan comparison tool for even more options.

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 232 personal loans using the filters.
Last updated 5 December 2025 Important disclosures and comparison rate warning*

Personal loan comparisons on Mozo

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    Borrow up to $50,000 unsecured. Perfect if you earn more than $22,100 p.a. and have good to excellent credit. Multi-year winner of Mozo’s Experts Choice Unsecured Personal Loan Award, 2021, 2022, 2023, 2024 & 2025^'

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    Competitive low rates for borrowers with exceptional credit on 1-7 year loans from $5,000 up to $75,000 (or up to $100K for home improvements or car loans); no monthly account keeping fees, no exit fees and no early repayment fees. Winner of Mozo's Experts Choice Excellent Credit Unsecured Personal Loan 2024 and Excellent Credit Secured Personal Loan 2024 awards ^. Min. income of 25k after tax, to apply.

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    Comparison rate from
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    Based on $30,000 over 5 years
    Monthly repayment
    $606
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    Fast, easy and 100% online, this is a low cost loan with no ongoing fees or extra repayment penalties. It's perfect for savvy borrowers with great credit. If you’re over 18 and earn above $30,000, you could qualify (other eligibility criteria may apply).

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    26.95 % p.a.
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    26.95 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $608
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    Borrow up to $50,000 unsecured. Perfect if you earn more than $22,100 p.a. and have good to excellent credit. Multi-year winner of Mozo’s Experts Choice Unsecured Personal Loan Award, 2021, 2022, 2023, 2024 & 2025^'

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    • Exceptional Credit, $5,000 - $75,000, or up to $100,000 for eligible purposes
    Interest rate from
    5.95 % p.a.
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    18.99 % p.a.
    Comparison rate from
    5.95 % p.a.
    to
    21.78 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $608
    Go to site

    Competitive low rates for borrowers with exceptional credit on 1-7 year loans from $5,000 up to $75,000 (or up to $100K for home improvements or car loans); no monthly account keeping fees, no exit fees and no early repayment fees. Winner of Mozo's Experts Choice Excellent Credit Unsecured Personal Loan 2024 and Excellent Credit Secured Personal Loan 2024 awards ^. Min. income of 25k after tax, to apply.

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    21.78 % p.a.
    Based on $30,000 over 5 years
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    Get a secured personal loan with competitive low rates for borrowers with exceptional credit. A simple fixed interest rate that can be repaid weekly, fortnightly or monthly, over 1 to 7 years (10 years for Green Loans). Managed entirely online, at any time. No monthly account keeping fees, no exit fees and no early repayment fees. Quick and easy, 100% online application. Establishment fees apply.

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Showing 7 results from 232 personal loans. Use the filters to see more

The pros and cons of using a personal loan for renovation 

Pros

- You’ll be able to have access to more money than your savings and there is a faster application process

- Personal loans have a shorter timespan, meaning you’ll be debt-free sooner

- You may pay a lower interest rate, as the term of loan is shorter

Cons

- Limitations in what can be renovated

- If the loan is secured, you have to offer up an asset, like your car, as security, if the loan is unsecured, you may have to pay an application fee

- You will have to balance both the personal loan and home loan repayments

* WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

^See information about the Mozo Experts Choice Personal Loan Awards

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