The data, from the Commonwealth Bank of Australia, also found that more than nine out of 10 Australians believe the “great Australian dream” of home ownership is still achievable for first home buyers.
This is despite only seven out of 10 Australians actually believing in the notion of the great Australian dream being property ownership, the same data showed.
The bank undertook the research based on a survey of 1,012 home loan customers (both CBA and non-CBA) nationwide.
It found that while 91 per cent of respondents do believe the great Australian dream is still affordable, nearly one in two (47 per cent) said they think applicants will have to make spending sacrifices to make the dream a reality.
According to the data, one in five respondents would be willing to forego holidays, but only 14 per cent would be willing to cut back coffee spending.
Even less respondents indicated that they would be willing to stop ordering Uber Eats, with just 11 per cent considering such a commitment.
“The bank of mum and dad” was considered as a source of home ownership support for 39 per cent of respondents, who indicated that to fulfil their home ownership dream, they would likely require parental assistance to some degree.
According to Commonwealth Bank’s executive general manager for home buying, Dan Huggins, it’s a good time for first home buyers to be in the market.
“Interest rates are currently sitting at historical lows and, in many parts of the country, property prices have come off their peak, representing a good opportunity for home buyers to start shopping for a property,” he outlined.
Nest Egg recently reported on Australia’s mounting household debt being linked to discretionary purchases such as Uber Eats and other home delivery services.
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