A recent survey showed that the majority of Generation Y Australians are planning in advance to secure home loans for investment properties.

Mortgage Choice’s report showed that 43 percent of this age group are planning to undertake this option for their initial property venture.

“Our findings call into question the concept of the ‘Great Australian Dream’ for people aged 30 years and younger,” said company spokesperson Kristy Shepherd.

The financial plans of Generation Y indicate that 65 percent will reduce expenses on takeaways and eating out to fund real estate investments, while 64 percent said they will cut back on their daily spending.

With regards to taking on a second job, 23 percent said that they are willing to do so to ensure they can pay off their home loans.  

Lifewise research conducted earlier this month noted that just 32 percent had incurred credit card bills of above AU$5,000.

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