More Aussie couples buying a home before tying the knot

Couple holding keys to their first home.

The Australian property market’s current run has fuelled a fresh round of FOMO. So much so that for many Australians, buying a home has become a more pressing goal than tying the knot. 

A recent survey by Mozo found that almost a quarter of Australian couples (23 per cent) who had purchased a property together did so before getting married.

“For some couples it’s very much a case of mortgage at first sight, as their love affair with property takes precedence over a public commitment around their relationship,” said Mozo spokesperson Tom Godfrey.

That sense of urgency has only been compounded in recent years, with record low mortgage rates ramping up demand and producing one of the biggest housing booms in Australia’s history. 

According to property research firm CoreLogic, prices jumped 22.2 per cent over 2021, leaving the median Australian home $126,700 more expensive than it was the previous year.

Economists at the major banks expect prices to continue rising this year before falling by between 4 and 8 per cent in 2023 — hardly the market correction many hopeful buyers would have liked.

The fear of being priced out has led many Australians to fast-track their property plans. Among the couples surveyed, Mozo found that 11 per cent begin looking to buy a home together in just the first year of their relationship.

However, just over half of respondents (52 per cent) will still wait between two and five years before taking their first steps on the property ladder together.

Mozo also found that many couples were willing to redirect their wedding budget towards a home, with just over a third (34 per cent) of respondents spending 50 per cent less on their wedding after making a property purchase.

“Although their weddings and commitment ceremonies might not be as extravagant, couples who choose to invest in property are on the path to building equity in their family home which could pay off in the long run,” Godfrey said.

As for couples’ finances, almost half of respondents (47 per cent) said they share all their bank accounts, while 14 per cent prefer to keep their finances completely separate.

Just over a quarter (26 per cent) have a few joint accounts for shared expenses while also keeping their own accounts, and 13 per cent have a shared account specifically to save for a home.

For more information on property and lending trends, head over to our home loan statistics page. And if you’re in the market for a home loan, visit our home loan comparison page, or browse the selection below.

Home loan comparisons on Mozo - last updated 21 May 2022

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure
  • Smart Booster Home Loan

    2 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    2.10% p.a.variable for 24 months and then 2.50% p.a. variable
    2.46% p.a.

    New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.

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  • Neat Home Loan

    Owner Occupier, Principal & Interest, LVR <60%

    interest rate
    comparison rate
    Initial monthly repayment
    1.89% p.a. variable
    1.90% p.a.

    Competitive variable rate. Borrowers choose their repayment schedule (weekly, fortnightly or monthly) Make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.

    Details
  • Celebrate Variable Home Loan

    <60% LVR, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    2.14% p.a. variable
    2.14% p.a.

    Rates have moved in line with RBA. Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required.

    Details
  • Basic Home Loan

    Owner Occupier, LVR<60%, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    2.39% p.a. variable
    2.39% p.a.

    Competitive low variable rate. No application or account management fees. Flexibility to split your loan and set different repayment types. Fee free withdrawals of your savings.

    Details
  • Mozo Expert Choice Badge
    Variable Home Loan

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    2.24% p.a. variable
    2.24% p.a.

    Purchase and Refinance. No upfront or ongoing fees. Fast digital application. 100% offset sub account with no account or redraw fees. Comes with a Visa debit card, mobile App, and digital wallet. 20% deposit or equity required. Mozo Experts Choice winner for Best New Home Loan and Low Cost Home Loan 2022. 18 years and over.

    Details

* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

^See information about the Mozo Experts Choice Home Loan Awards

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