Exploring how Australians feel about their financial future.
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No Place Like Home
As cost of living crunches, Aussies are getting clever – but they also know when they won’t budge.
Becoming a homeowner can test even the most financially savvy Australians. At Great Southern Bank, our reason for being is to help all Australians own their own home, whatever that journey looks like for them.
In 2023, we developed and launched the Great Southern Bank No Place Like Home research report to chart the homeownership journey and explore how Australians feel throughout the experience. Now in its third year, our latest Clever report delves deeper into attitudes towards homeownership amid today’s economic challenges.
A word from our Chief Customer Officer
Our latest No Place Like Home report tackles some of the big questions facing Australians today: How are we navigating the cost-of-living challenges, and how is this impacting our journey to home ownership?
We explore how these financial pressures are influencing behaviours, from the clever strategies Australians are using to grow home loan deposits, to the ways we’re adapting our saving and spending habits.
This includes areas where we’re cutting back on discretionary spending, as well as the essentials we refuse to compromise on.
Most importantly, the report highlights the determination of younger generations to achieve home ownership. They are committed to turning their dreams into a reality – and we are here to help make that happen.
That’s our purpose: to help all Australians own their own home. We back this commitment not just with our savings options and lending expertise, but with the same dedication and determination our customers demonstrate every day.
Rolf Stromsoe
Chief Customer Officer, Great Southern Bank
Australians reduced their spending, but prioritise their “must-haves”
Over the last 12 months, Australians have changed their spending habits to manage financial goals and rising household costs.
One in four Australians reduced their discretionary spending on entertainment and dining out, while around four in 10 cut back on subscription services and holidays. Additionally, 40% of Australians spent less on groceries, demonstrating that even everyday essentials aren’t immune to cutbacks in the current economic climate.
Despite all this, certain priorities remain unchanged. Australians continue to buy their ‘must-haves’, such as quality food (44%), pet needs (31%), and child’s needs (28%).
- Baby boomers were least likely to cut back on quality food (52%) and holidays (32%)
- Gen-Xers prioritized quality food (45%) and their pets (34%)
- Millennials focused on their children’s needs (40%), alongside exercise and wellbeing (28%)
- Gen-Z made fewer compromises overall.
Women were found to be the least likely to financially compromise when it comes to their pets (36%), while men were least likely to compromise on their hobbies.
At Great Southern Bank, we offer tools like our budget planner to help you get clever with your finances and take the next step in your home ownership journey with confidence.
Common misconceptions holding Aussies back from seeking financial advice
Australians will most likely seek financial advice throughout their homeownership journey. However, there’s a strong perception that you need a certain amount of money saved before reaching out for guidance. 46% of Australians think they need at least $100,000 saved before seeking advice, 20% believe $50,000 is the minimum, and 13% think they need at least $20,000.
Gen Z* are more likely to seek advice with fewer savings in their back pocket than Gen X and Baby Boomers. This indicates that younger generations might need more guidance on money matters from those they can trust, though they are commonly reaching out to family and friends (33%), an accountant or tax agent (18%), or their bank (13%).
The misconception that you need a certain amount saved before seeking advice is a major blind spot for Australians, especially those working towards personal financial goals. That’s why we’re available - to provide smart tools, everyday banking solutions and home loan products to support every step of the homeownership journey.
*Generation Z were born 1995–2009; Millennials were born 1980–1994; Generation X were born 1965–1979; Baby Boomers were born 1946–1964.
Younger generations undeterred by housing affordability challenges
Despite affordability concerns, Gen Z and Millennial Australians remain determined to get onto the property ladder.
One third of this demographic turned their aspirations into reality with a little help from ‘the bank of mum and dad’. Interestingly, one third of Gen Z is looking to purchase an investment property in the next three years, demonstrating the ambition of ‘generation rent’ to get onto the property ladder, secure their future, and fund their retirement.
At Great Southern Bank, our goal is to help every Australian find happiness through owning their own home – no matter what that looks like for them.
Learning from the past to build a financially clever future
Many homeowners and aspiring home buyers wished they had done things differently:
- 68% wish they had saved more over time
- 62% wish they had established savings habits in school
- 52% wish they had purchased a house sooner
- 38% wish they had listened to their parents’ financial advice
- 57% wish they had maintained financial independence
Millennials expressed the most financial regrets, particularly around saving regularly (71%), establishing early saving habits (67%), and maintaining financial independence (61%).
The good news? It’s never too late to get clever with your finances. Great Southern Bank offers practical tools and tips to help Australians save smarter, grow their wealth, and take confident steps towards homeownership!
Case study: Kaleb, TAS
We helped Kaleb, 27, to buy his first home in Burnie, Tasmania. Kaleb has always had a strong work ethic and a clear financial plan.
After exploring property markets in other parts of the country, Kaleb knew he wanted to stay in Tasmania.
His strategy was to enter the property market early, giving him the next ten years to pay off his mortgage and set himself up for future investments, including possibly buying a second property down the track.
"With the mortgage I have, I’ll be able to pay it off in ten years. That gives me the breathing room I need to focus on other things, like building my future investments," Kaleb says.
Other reports in the series
9 minutes
Home happiness comes in all shapes and sizes (November 2024)
9 minutes
The journey towards happily clever after (August 2024)
For more information
For inquiries, interview requests or for permission to cite the research, please contact:
Laurel Lee Blain
Senior Manager, External Communications
Michael O’Toole
Manager, Corporate Communications
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 2,012 Australians aged 18–65 who are nationally representative of the Australian population by age, gender and location. The survey was conducted from 15 January to 24 January 2025.