Good and bad debt
By | 14th Apr 19

Millennials and getting into the property.

Spending habits and thinking have changed dramatically over the generation and we are seeing a lot of late Gen Y and Millennials struggling to get in to the property market. With a high spend and low save mentality coupled with “bad debt” we breakdown why buying property is also a mental mindset and not just financial.

The integration of social media, credit cards and digital currency has changed many people’s perception of spending and saving. This has all contributed to many millennials with bad debt from multiple credit cards with high interest rates and buy now pay later schemes which contributes to a credit cycle that they typically can’t really afford in the first place. This psyche of living beyond one’s means or dealing with payments next month is a mindset to break – but one that is important to understand if you are saving to buy property.

The combination of house prices and being influenced by projected lifestyles on social media has seen a rise of millennials finding it hard to choose between saving and continuing to live a certain lifestyle to “fit in”. It’s really easy to say “It’s too expensive and I won’t be able to afford a house” but this is not really true. Controlling your credit card expenditure and money discipline is the first step to saving towards a deposit for your first home or investment.

Guiding first home buyers for over 18 years we have definitely seen a shift in people’s priorities, but when it comes to property the fundamentals stay the same. Getting all the right information and instilling great saving practices can really help you. As they say, the first one is always the hardest – but it’s not impossible.


If you would like to work with us to come up with a plan to purchase your first home, we are here to help you get your foot in the property market! Buying property is both a practical task as well as an emotional mindset. For advice from our experienced Buyer’s Agent team, call us today!