A look at the latest behaviours towards buying and owning a home
At Great Southern Bank, we understand that homeownership is a personal journey – one that looks different for everyone. We’re here to guide Australians every step of the way. Our No Place Like Home report tracks the way in which sentiment changes throughout the homebuying and home ownership experience.
In this third wave of our research – the ‘After‘ phase – we explore how Australians feel after they’ve bought their home. We look at their perceptions of their financial futures and goals amid today’s economic climate, and what strategies they’ve used to achieve their happy clever after.
A word from our Chief Customer Officer
There are many milestones on the path to owning a home – but for most of us, it’s the ‘After’ that we truly look forward to.
At Great Southern Bank, helping people reach their ‘After’ is core to our purpose – to help all Australians own their own home.
’After’ is when you step inside your new home and begin shaping it around your life. It’s where memories are made – whether that means simply enjoying the roof over your head, slowly renovating, creating space for a growing family, or even launching a side business from the spare room.
Our latest No Place Like Home report explores how Australians are living their ‘After’ – from paying back any financial help they’ve had from their families to bold plans for home upgrades.
We know the journey doesn’t end after a loan is finalised. Change is a constant as we move through the different phases of our lives. And as a bank, we’re proud to be there — not just for the milestone of buying a home, but for everything that comes after.
Rolf Stromsoe
Chief Customer Officer, Great Southern Bank
Home is where the HQ is
Home is where the HQ is
Many are finding clever ways to make their homes work harder for them. Our report found that more than one in four Australians are considering using their home as a source of income, with young people leading the way.
More than half (58 per cent) of Gen Z homeowners say they are considering ways to monetise their property. Among them:
- 24 per cent plan to turn their home into an investment property
- 19 per cent intend to rent out a room
- 16 per cent are planning to run a business from home
Our research found that of all generations, Gen Z is the least affected by unexpected costs (27 per cent) – likely thanks to the strong financial support many have received from parents and family.
Parents offer a place to crash – and extra cash
Parents offer a place to crash – and extra cash
Australian parents continue to play a big role in supporting their children’s homeownership aspirations – offering everything from a place to crash to helping out with cash. It seems the bank of Mum and Dad is on the rise, as more families step in to ease the strain of the cost-of-living crisis for their kids.
Our research shows that nearly half (47 per cent) of Gen Z homeowners have received financial support from loved ones to get on the property ladder.
This extra support takes many forms – from direct financial assistance from parents (38 per cent), to help from other family members and relatives (16 per cent), and sometimes even non-financial help like free accommodation from family and relatives (13 per cent).
Of those homeowners* who received financial help from family or friends and plan to pay it back:
- 44 per cent say they’ll repay the money or financial support from their parents as soon as possible
- 30 per cent say they'll pay back with interest
- 27 per cent plan to repay at a later date
- 18 per cent plan to pay it forward instead
Parents are also letting their kids live at home for longer. Over a quarter (27 per cent) say they’d allow their children to live with them until the age of 26-30, up six per cent since last year. And for some parents, age isn’t a factor at all. Nearly a quarter (23 per cent) say they would allow their children to live with them forever. For boomers looking out for their children, this number jumps to 40 per cent.
*Respondents could select more than one option.
The reality of costs after getting the keys
The reality of costs after getting the keys
Becoming a homeowner is a major milestone, but it can also come with some surprise costs.
As homeowners adjust to their new financial reality, they often face a range of unexpected challenges, from unplanned costs to ongoing maintenance. The most common challenges include:
- Unexpected costs like insurance, rates, or body corporate fees (35 per cent)
- The need to renovate sooner than expected (20 per cent)
- Higher-than-expected property maintenance or upkeep (15 per cent)
- A need to learn DIY skills (10 per cent)
The research shows that to ease repayment pressures, 29% of Gen Z and millennials and 19% of Gen X would consider a home loan term of up to 40 years. To support this demand, the bank offers extended loan terms designed to make home ownership more affordable.
At Great Southern Bank, we offer various tools, tips and personal banking calculators to help you prepare for the full cost of homeownership - and work towards a financially clever future.
Case study: Roby and Ezral, VIC
Case study: Roby and Ezral, VIC
“We were both living with our parents prior to buying so we wanted our own space…”
Roby, a social media and marketing coordinator, and Ezral, a pharmaceutical quality officer, first met with their broker Christian in February 2024. After a discussion on their eligibility for government schemes and strategies to boost their savings, they set out on their home buying journey. Thanks to a loan from Great Southern Bank they had the keys to their first home just nine months later.
"I never imagined I’d be able to buy a home at this age,” Roby said. “It’s something I’m really grateful for, and I’m proud of the effort Ezral and I put into saving and working towards it.”
“I’m much more conscious of my spending now,” Ezral said. “Beyond the mortgage, there are all the extra costs like bills, so I track what’s coming in and going out more closely.”
The couple love their new home, seeing it as both a financial asset and a personal investment.
“Our home is in a growing area not too far from the CBD,” said Roby. “We’re hopeful its value will increase over time - allowing us to sell or leverage equity in the property to finance our retirement.”
Other reports in the series
Other reports in the series
8 minutes
Australians are using clever strategies to achieve homeownership (April2025)
9 minutes
Home happiness comes in all shapes and sizes (November 2024)
9 minutes
The journey towards happily clever after (August 2024)
Exploring how Australians feel about their financial future.
Helpful resources
Helpful resources
For more information
For inquiries, interview requests or for permission to cite the research, please contact:
Important Information
The Great Southern Bank No Place Like Home Report is a three-part series, with online surveys to be conducted in three waves across the year. The research was conducted by The Clever Stuff , in partnership with Pure Profile , surveying 2,014 Australians aged 18-65 who are nationally representative of the Australian population by age, gender and location. The survey was conducted from 10 June 2025 to 22 June 2025.