An increasing amount of millennials are saving up for a home loan, new research from Westpac has revealed.

More millennials are foregoing their avocado toast and lattes in favour of saving up for a house deposit.

Consistent and conscientious savings plans are propelling more first home buyers into the property market, with Westpac data showing more millennial customers are digging deep to save for a home.

The research shows the highest number of first home buyer loans in March and April 2018, compared to the same period in the previous two years.

Kathryn Carpenter, Westpac’s Head of Savings, said first home buyers are being diligent with their savings and digging deep to save for a home.

“Millennials are often depicted as a generation more focused on life experiences and living in the ‘now’. However, our research shows that many are in fact taking saving for a home deposit seriously and prioritising it above other goals including travel or lifestyle,” Carpenter said.

“It is great to see our millennial Westpac Life customers making the most of their savings plans and the timing could not be better with the current cooling of the property market.”

The research also revealed the younger end of the millennial spectrum (18-24) are already starting to save for a home.

“Our data shows reaching 25 appears to be a key tipping point for customers moving from thinking about saving for a home, to seriously saving for one”, commented Carpenter.

Dion Tolley, a real estate agent from Place Bulimba, told WILLIAMS MEDIA he’s started to see more first home buyers entering the market.

Source: https://www.therealestateconversation.com.au/news/2018/06/29/most-millennials-are-saving-their-first-property-new-research-shows/1530240162

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