Young Queenslanders holding out hope for home ownership

Cost, location and size were revealed as the key factors influencing their buying decision, with 70% considering cost as one of the top three most important attributes when buying a new home.

Despite the optimistic findings, the research also revealed one in three young Queenslanders were currently unable to save towards future goals and half said they were saving a little but not enough.

RACQ Chief Executive Banking Michelle Winzer said the Bank recognised how difficult the current financial environment was for young people, especially when trying to purchase a home.

“At a time when surging house prices, interest rates and the rising cost of living are making it difficult for young Queenslanders to enter the housing market, it’s reassuring to hear that many are still striving for the great Australian dream of owning a home,” Ms Winzer said.

“According to our research, 60% of Queenslanders aged 18-24 and one in three aged 25-34 are saving to purchase their first home.

“Beyond home ownership, other popular savings goals for young Queenslanders included overseas travel, increasing their savings account buffer and buying a car.”

Concerningly, the research also revealed that more than two in five (43%) Queenslanders said their mortgage or rent was the number one factor on their household budget.

“It is alarming to hear that 39% of Queenslanders say they feel very concerned about being able to afford their mortgage or rent in the next 12 months,” Ms Winzer said.

“If you have a mortgage, you could consider looking around for a more competitive interest rate to help reduce your repayments.

“Many of our members have saved thousands of dollars by refinancing to an RACQ Bank home loan that has a better interest rate.

“We remain committed to offering members competitive solutions to help with their financial situation and encourage anyone to reach out to our friendly team.”

RACQ Bank has recently launched a new cashback offer for those looking to finance a loan.

“To help ease the financial burden of the current market we have released a new cashback offer, where eligible individuals will receive $2,000 cashback for home loans with RACQ Bank over $500,000,” Ms Winzer said.

“This offer is available whether you are buying your first home, upgrading to your dream home, or wanting to refinance to a more competitive rate.”

*Survey findings from RACQ Quarterly Consumer Omnibus, FY24 Q1, n=399.

For cashback offer terms and conditions visit: racq.com.au/home-loans

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