Sunday, 12 October 2014

Gen Y women – Financially Focussed & Property Savvy

Gen Y women – Financially Focussed & Property Savvy
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Monday, 14 October 2013

Recent research has highlighted that Generation Y has a positive outlook on housing affordability and that women in particular are very savvy when it comes to financing their home. recently released the findings from its Housing Affordability Sentiment Index.  A particularly interesting finding from the HASI was that the driving force behind the improved perception was positivity from first-time home buyers and Generation Y. It turns out that Gen Y “are the most positive about housing affordability in the country, driven largely by an optimistic outlook on their financial position.” What’s more it appears that they are acting on their views with 14% of respondents reporting that they owned both a home and an investment property.
 Research recently conducted for Westpac has identified that Gen Y (18-34 year old) women are particularly financially focussed and property savvy.  Here’s some of the stats.
87% of Gen Y females (versus 79% of men) list owning a home and paying it off as their top lifetime goal.
81% of Gen Y females understand what a variable rate is, compared to only 60% of Gen Y male
73% of Gen Y females list paying off their loan sooner as the most important factor when taking out a home loan, compared with 56% of Gen Y males
 49% of Gen Y women listed owning a home as their top priority, way ahead of having children (14%) and getting married (5%)

Gai McGrath, General Manager of Retail Banking at Westpac applauds young women’s ambitions to get into real estate.
“It is positive to see Gen Y women prioritising home ownership at a young age. Beyond this it’s good to see that they keep their eyes on the prize with the goal to pay off their loans as soon as possible. Truly owning a home is one of the best ways to start growing long time financial security. These young women should arm themselves with as much information as possible to make their money work harder as soon as they put their deposits down”.
Here’s our top tips for Gen Y women (or anyone for that matter) to help them own their home sooner.

If you’re working towards buying your first property:

1. As soon as you start your first job you should put aside a portion of your salary towards a deposit for a house. 
2. It’s worth investigating what government benefits may be applicable to you as you could be entitled to financial assistance if you are a first home buyer. For example if you purchase or build a new property you may be eligible for a grant. Conditions and amounts vary according to location.
3. Take advantage of technology. There are plenty of online tools available, for example Westpac has home loan calculators to help you plan ahead, simply visit

If you already have a home loan:

1. If your loan has an offset facility, have your salary paid directly into the offset account.  It starts offsetting against the balance of the mortgage straight away. Then, once the money is in the account only transact when it is necessary.
 2. Increasing the frequency of repayments is a simple way to make savings. Even by paying half your monthly repayment every fortnight means you could make the equivalent of an extra month’s repayment every year.
 3. Consider putting any lump sums of money you receive into your offset, such as a tax refund or salary bonus. 

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