The Gateway x Genworth Millennial Home …...The Gateway x Genworth Millennial Home Ownership...

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The Gateway x Genworth Millennial Home Ownership Survey

Basis of this Report

This Report has been commissioned by Gateway Bank and Genworth on

the basis of:

• The findings of a survey (undertaken by YouGov) during the period April

2019 to May 2019 of 2,127 Australian millennials aged 23-38 years who

are employed; and

• Online surveys completed by respondents across Australia, including

all capital cities and regional areas; the data responses weighted by

age, gender and region to reflect the latest ABS population estimates.

The Gateway x Genworth Millennial Home Ownership Survey: Home ownership a top priority for Aussie millennials

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Home ownership remains the top priority for

millennials despite housing affordability crisis

• Home ownership is highly valued amongst Australian millennials with

94% saying that it is important – of these, two thirds (67%) say that it is

very important.

• Millennials who have children (77%) are more likely than those who do

not (61%) to say that home ownership is very important to them.

• Married millennials have stronger feelings on home ownership with 74%

saying home ownership is very important compared to 57% of

millennials who are not married.


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How important is home ownership to millennials?


68%

66%

57%

67%

78%

54%

26%

27%

34%

27%

20%

31% 11%

4% 2%

4% 2%

7% 3%

4% 2%

4%

0% 10% 20% 30% 40% 70% 80% 90% 100%

Male

Female

Never married

Defacto/living together

Married

Separated, Divorced

or Widowed

Ge

nde

rM

ari

talS

tatu

s

Very important Somewhat important

50% 60%

Somewhat unimportant Very unimportant

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A majority of millennials think

that home ownership is

important to them because

they feel it provides them

with stability and security

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Why is home ownership important?


By gender

58%

53%

48%

45%

42%

42%

42%

37%

64%

48%

49%

47%

51%

46%

50%

42%

42%

42%

43%

37%

38%

Stability and security

Good investment

Provide a home for my family

Renting is a waste of money

Settled in one location

A home to start/grow a family

Pride of ownership

All Male Female

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Why is home ownership important?


59%

62%

54%

54%

55%

46%

59%

64%

48%

49%

32%

46%

43%57%

43%

45%

40%43%

44%

44%

40%46%

43%

28%

35%44%

36%

38%

Stability and security

Good investment

Provide a home for my family

Renting is a waste of money

Settled in one location

A home to start/grow a family

Pride of ownership

Never married Defacto/living together Married Separated, Divorced or Widowed

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By marital status

Why isn’t home ownership important?


By gender

44%

23%

39%

41%

35%

24%

30%

50%

42%

43%

39%

41%

21%

25%

19%

Too much of a financial burden

Not achievable in my lifetime

Saving for other things

Not a good investment/value for money

Happy to rent forever

All Male Female

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Why isn’t home ownership important?


By marital status

46%

50%

50%

32%

25%

36%

26%

33%

36%

38%

17%

56%

43%

30%

43%

17%

19%

25%

24%

27%

Too much of a financial burden

Not achievable in my lifetime

Saving for other things

Not a good investment/value for money

Happy to rent forever


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58% of all millennial non-home

owners can’t purchase a home

immediately because they can’t

afford the deposit yet

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What are the biggest barriers preventing

millennials from purchasing a home immediately


55%

22%

13%

69%

33%36%

22%

18%

18%18%

13%

12%

16%

20%

32%26%

35%27%

27%

16%

14%

12%

7%

13%

53%55%

47%

32%

30%

29%

30%

22%

20%

17%

17%

14%

14%

15%

23%

12%

Can't afford the deposit yet

Wouldn't qualify for a mortgage

Concerned about my ability to pay off the loan

Can't afford to buy where I want to live

Waiting for property prices to drop further

Don't want to be tied down/burdened with a huge financial commitment

Haven't found the right property

Owning a home is a large financial risk

Home ownership is not a priority

More affordable to rent in an area in which I want to live


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By marital status

What are the biggest barriers preventing

millennials from purchasing a home immediately


58%

31%

19%

17%

14%

54%

31%

25%

30%

24%

17%

21%

14%

13%

14%

61%

31%

31%

37%

30%

29%

23%

22%

22%

13%

13%

13%

13%

13%

13%

Can't afford the deposit yet

Wouldn't qualify for a mortgage

Concerned about my ability to pay off the loan

Can't afford to buy where I want to live

Waiting for property prices to drop further

Don't want to be tied down/burdened

with a huge financial commitment

Haven't found the right property

Owning a home is a large financial risk

Home ownership is not apriority

More affordable to rent in an

area in which I want to live

All Male Female

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By gender

Are millennials aware of Lender’s Mortgage

Insurance?


55%33%

12%

No Yes Don't know

58%

32%

10%

No Yes Don't know

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Lender’s Mortgage Insurance (LMI) awareness by gender

Female Male

Are millennials aware of Lender’s Mortgage

Insurance?


63%

53%

50%

36%

25%

39%

40%

50%

No

Yes

12%

8%

Don't know

10%

14%


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LMI awareness by marital status

Awareness of Lender’s Mortgage Insurance

features and benefits


80%

20%

Yes No

74%

26%

Knowledge that LMI enables you to buy a home without a 20% deposit by gender

Female Male

Yes No

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Knowledge that LMI enables you to buy a home without a 20% deposit by marital status

70%

30%

80%

20%

84%

74%

26%

Yes

No

16%


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features and benefitsKnowledge that LMI can be built into home loan by gender

63%

37%

Female

Yes No

65%

35%

Male

Yes No

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61%

39%

68%

32%

67%

33%

48%

52%

Yes

No


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Knowledge that LMI can be built into home loan by marital status

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For media enquiries, please contact either Helen

Karlis, Head of Corporate Affairs Genworth at

[email protected] or

[email protected]

mailto:[email protected]

The Gateway x Genworth Millennial Home …...The Gateway x Genworth Millennial Home Ownership...

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