Many Australians aspire to the dream of home ownership, but a new survey from Westpac Bank has found that Gen Y females in particular see this goal as a top priority.
The Westpac Home Ownership Report shows that more 'Gen Y' women (those born in the 1980s and early 1990s) are focused on owning a home compared to their male peers. A total of 87 per cent of women versus 79 per cent of men in this age group list owning a home and paying it off as their main life goal.
Of course, one of the most important aspects of any property purchase is the home loan that accompanies it. Understanding and managing a loan successfully is a major component of being a home buyer, and the Westpac survey shows that women may have the upper edge here as well.
Of the Gen Y females aged between 18 and 34, 81 per cent said they understood what a variable rate was. In contrast, only 60 per cent of Gen Y males said the same.
In addition to this, more Gen Y females appear to appreciate the importance of focusing on home loan repayments, as 73 per cent of women in this category state paying off a loan sooner as the most important factor of a loan product, compared with 56 per cent of men.
"It is positive to see Gen Y women prioritising home ownership at a young age," Westpac Retail Banking General Manager Gai McGrath said in a September 11 release.
"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."
The survey also illustrates that the importance of home ownership eclipses other life goals for many women. In total, 49 per cent of Gen Y females said that this was their number one priority compared to 14 per cent who said having children was their top goal. Just 5 per cent of women cited marriage as being their biggest life priority.
"These women are financially-focused when preparing for their futures," Ms McGrath said.