A lot of millennial Australians are now more focussed on saving for a property, new data from Westpac showed.
According to the bank, roughly 70% of Westpac Life savings account holders between 25 to 34 years old set aside money for homes and properties. Westpac Life allows bank customers to build up their nest egg for particular savings goals like travel, buying a car, or purchasing a home.
In a statement, Westpac head of savings Kathryn Carpenter said while millennials are often portrayed as the generation who are more focused on life experiences, the new data shows that they are also serious in saving up for a home deposit more than anything.
"It’s 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," Carpenter said.
Carpenter explained that for an average home in Australia, millennials have to save up to $100,000 for a 20% deposit, which is considerably challenging even with the cooling property market. Recently, the bank unveiled a special interest rate to help these young savers buy their first properties sooner.
"To give first home buyers an extra boost we’ve introduced an additional bonus rate for those saving for a home. It is a small way to give first home buyers some extra help on their journey to owning their first homes," she said.