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Gen Y Females Place Priority on Home Ownership

A recent report from Westpac has highlighted a trend showing that more and more Gen Y women are prioritising home ownership.

Westpac's Home Ownership Report revealed that 87 per cent of women between the ages of 18 and 34 regarded owning a home and paying it off as one of their top lifetime goals, which eclipsed the 79 per cent of male respondents who shared the same sentiment.

This attitude being shown by young Australian women was encouraging to see, according to Gai McGrath, Westpac's general manager of retail banking.

"It is positive to see Gen Y women prioritising home ownership at a young age," she said in a September 11 media release.

"Beyond this it’s good to see that they keep their eyes on the prize with the goal to pay off their loans as soon as possible. Truly owning a home is one of the best ways to start growing long time financial security."

Ms McGrath had some advice for young Australians – both men and women – who were looking to own a property in Darwin.

She pointed out that an offset account was perhaps the fastest way of achieving outright home ownership, and that it was a good idea to make regular additional repayments above the minimum.

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