Money.com.au Home Loan research & insights

New research from Money.com.au reveals that more than half of Australia’s homeowners (52%) will struggle to afford both their mortgage repayments and Christmas spending this year.

Within this group, 37% will cut back on Christmas spending to keep up with their repayments, while 10% expect to rely on credit cards or BNPL services to make ends meet during the silly season. A smaller portion (4%) fear they may fall behind on their mortgage, and 1% say they’ll need to take a repayment holiday or seek hardship support from their lender.

Money.com.au’s Mortgage Expert, Debbie Hays, says many households are entering the festive season with rising costs and mortgage pressures hanging over their heads.

“Christmas is generally a great time for families, but for mortgage holders it’s equally a financial stress test. Even with the RBA cutting rates this year, many homeowners will have to make a trade-off between keeping up with their mortgage and maintaining their usual level of festive spending. Christmas is often difficult to cut back on when kids, family traditions and social pressures are involved,” she says.

“Some mortgage holders will simply scale back their Christmas spending, while others will rely on credit cards or BNPL services, or in some cases seek support from their bank. Lenders can receive more hardship requests during the Christmas season due to increased spending pressures.”

The survey found that only 49% of homeowners can comfortably afford both Christmas and their mortgage repayments this year.

Youngest and oldest homeowners feeling the Christmas mortgage crunch

Borrowers at both ends of the generational ladder are under pressure. Gen Z (61%) and Baby Boomers (57%) are more likely to struggle to afford both Christmas spending and their mortgage. This is followed by 52% of Millennials and 46% of Gen X who report the same.

5 tips on how to juggle your mortgage and Christmas spending

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New research from Money.com.au reveals nearly one in three Australians (30%) say having or planning to have kids made them more nervous about applying for a mortgage.

Among them, 22% were concerned about managing mortgage repayments alongside the extra costs of children, while 8% worried that having or planning to have children could reduce their borrowing capacity or affect their loan approval.

Lenders consider children or other dependents during the mortgage application process. The cost of caring for them is treated as an ongoing financial commitment when determining how much you can borrow.

Keys before kids: Homeownership takes priority

Money.com.au’s Mortgage Expert, Debbie Hays, says there’s a growing trend of homebuyers adjusting their family plans to maximise their borrowing capacity.

“There’s a real push-and-pull between family planning and buying a home, particularly among first-home buyers. We’re seeing more couples time their mortgage application around when they’re planning to start a family. In some cases, they delay having children once they find out how much dependents can reduce their borrowing power. They don’t want to risk being locked out of the market once kids are in the picture,” she says.

“It’s very different to our parents’ or grandparents’ generations, when people tended to start families first and buy a home later. Today, housing affordability pressures are flipping that timeline.”

“Having children reduces your borrowing capacity because they increase household expenses and leave less disposable income available for mortgage repayments. When lenders assess your application, they use the Household Expenditure Measure (HEM) to estimate your living costs, including childcare, education, food and clothing. The more dependents you have, the higher your assessed expenses, which ultimately reduces your borrowing capacity and total loan amount available.”

In contrast, 45% of Australians surveyed said having children wouldn’t influence how they feel about applying for a home loan, while 26% said they don’t have or don’t plan to have children.

Family planning weighs heaviest on Gen Z homebuyers

The research found that Gen Z were more likely than Millennials to feel anxious about how starting a family could affect their borrowing power, mortgage application, or loan repayments. Three in five Gen Zs (60%) said they felt this way, compared with 51% of Millennials.

The parenthood penalty: How kids can shrink your borrowing power

For a couple with a combined annual income of $180,000 and borrowing around $800,000 (assuming a 5% deposit and no LMI), adding children can make a significant difference to how much they can borrow, even if they have no other debts.

Based on standard lender serviceability calculations, one child could reduce their borrowing capacity by around $30,000–$55,000, while two children could cut it by as much as $90,000–$125,000.

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New research from Money.com.au reveals Australians are stuck in the rental market for an average of six years before they can afford to buy their first home.

The nationally representative survey found that a quarter of first home buyers (26%) rented for 1–3 years before purchasing, while another 21% rented for 4–6 years.

At the other end of the spectrum, 12% rented for more than a decade before buying, and a further 9% rented for 7–10 years. Only 9% of Australians rented for less than a year before purchasing their first home.

Meanwhile, 22% of Aussies skipped renting altogether and lived at home with their parents until they could buy their first property.

Money.com.au’s Mortgage Expert, Debbie Hays, says renters don’t have to wait as long as they previously did to break into the property market.

“In the past, many Aussies spent most of their 20s and 30s renting while trying to save for a deposit. Now, some lenders recognise regular rent payments as ‘genuine savings’ towards your 5% minimum deposit, which can help renters get on the property ladder sooner, as long as they can show they can afford the loan,” she says.

“By counting regular rent payments as a portion of genuine savings, lenders are giving reliable tenants a bridge into home ownership. In their eyes, a reliable tenant is likely to be a reliable borrower too. Some banks introduced these policies a few years ago after recognising how difficult it’s become for Australians to maintain even a 5% deposit while juggling rising rents, living costs and property prices.”

Where Aussies rent the longest before buying a home

The time it takes to transition from renter to homeowner varies marginally between states. South Australians spend the longest in the rental market, averaging 7 years before buying their first home. In New South Wales and Queensland, aspiring homebuyers spend around 6.5 years renting before purchasing, while those in Victoria and Western Australia make the jump a little sooner, after an average of 6 years.

How your rental history could help you buy a first home

Along with sufficient income, most lenders require you to have at least 5% of the property’s value saved in a bank account for three months before applying for a home loan. However, if you’ve been renting for at least six months and have a strong record of on-time payments, some lenders may count your rental history toward the minimum 5% genuine savings requirement, provided you’ve previously held that amount in savings.

Policies vary between lenders, but to have your rental history counted as evidence of genuine savings, you’ll generally need to provide:

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New Money.com.au research reveals many Australians are sceptical that the RBA has a firm grip on inflation and the nation’s cost pressures.

The nationally representative survey of more than 1,000 Australians found that 35% believe the Reserve Bank is falling short in managing inflation and the cost of living. This is despite inflation moderating slightly this year and the RBA easing pressure on borrowers with three rate cuts.

The research found 37% of Australians are still undecided about the RBA’s performance on those issues, while 28% say it’s managing inflation and the cost of living effectively.

Money.com.au’s Finance Expert, Sean Callery, says public confidence in the Reserve Bank’s approach to monetary policy is showing cracks.

“Inflation is still sticky despite the RBA’s best efforts and households are still feeling the squeeze as price pressures linger across essentials. This is causing Aussies to question whether the RBA has its hand firmly on the wheel. Many households feel the cost of living hasn’t eased enough to justify optimism, while others see steady progress and think the Reserve Bank is on the right track. Only time will tell which view proves correct,” he says.

Millennials and mortgage holders lead criticism of RBA’s inflation handling

The survey found that the cohorts most critical of the RBA were Millennials (45%) and mortgage holders (39%), who were the most likely to say it’s not doing enough to manage inflation and the rising cost of living. Sentiment among renters was similar, with 37% saying the RBA is falling short.

Meanwhile, Baby Boomers (42%) and Gen Z (39%) were more likely to say they’re still undecided.

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New analysis from Money.com.au reveals property investors hold their largest share of the mortgage market since the ABS began records.

Property investment loans make up 38% of all new lending (196,699 loans) in the year to June 2025, while owner occupier loans account for 62% (324,972 loans), ABS data shows. In other words, investor lending is trailing homebuyer loans by just 24 percentage points. It’s the closest gap between the two buyer segments since the ABS began tracking investor loans in 2019.

It’s a notable shift considering that just four years ago, property investors held their smallest share of all new lending — only 24% (121,789 loans) in the year to March 2021, compared with 76% (380,488 loans) for owner occupiers. Investors were trailing homebuyers by 52 percentage points, more than double the current gap.

Impact on housing affordability

Money.com.au’s Mortgage Expert, Debbie Hays, says the investor segment closing in on homebuyers marks a turning point in Australia’s property cycle.

“It means the homebuyer segment is becoming less the backbone of the market. Investors are now playing a much larger role in shaping house prices, affordability, supply and even influencing housing policy. It wouldn’t surprise me if the government once again raised the prospect of negative gearing reforms to level the playing field,” she says.

“Investors taking a larger share of the market is a double-edged sword. On one hand, it signals all-time high confidence in property as an asset class. On the other hand, it means first-home buyers and owner occupiers are competing with equity-rich buyers, which will inevitably push prices higher and widen the affordability gap.”

Traditionally, property investors have taken on larger debts, but that gap has also narrowed. Investors now carry an average annual loan size of $667,512, almost identical to the $661,534 for owner occupiers.

Impact on rental affordability

Debbie says the rise in investor lending will have a flow-on effect on the rental market.

“More investors coming into the market can add to rental supply, since many of those properties end up in the rental pool. In theory, that should give renters more choice,” she says.

“But with demand for rentals already outstripping supply, a surge in investor activity can only fuel higher rents. Investors will look for higher rental yields to service their larger loans, and that translates into higher asking prices for tenants.”

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New research from Money.com.au reveals the majority of mortgage holders (57%) have never checked whether their mortgage offset account is correctly linked to their home loan, potentially costing them thousands in interest.

Additionally, the survey found that one in ten borrowers (10%) thought their offset would be automatically linked to their home loan by their lender.

Only a quarter of mortgage holders surveyed (25%) said they had checked and confirmed their offset account was linked, while a further 9% discovered it wasn’t linked and fixed the issue.

It comes as ASIC investigates potential offset-account mislinking issues across the banking sector. The regulator’s probe will span eight lenders’ mortgage books to determine whether customers are receiving the benefits they’re entitled to from their offset accounts.

An offset account helps you pay less interest on your home loan because interest is only charged on the difference between your loan balance and the money in your offset.

If it isn’t linked correctly, the money sitting in that account won’t offset your loan balance, meaning you’ll end up paying more interest than you should.

Money.com.au’s Mortgage Expert, Debbie Hays, says most borrowers assume their offset account is automatically linked to their home loan, but that’s not always the case.

“We recently had a homeowner who received an inheritance and deposited $340,000 into their offset account, only to discover 12 months later that the account wasn’t actually linked to their variable home loan. The interest savings they thought they were getting weren’t in place at all. It’s just lucky they caught it early and not 10 years down the track,” she says.

“Offset mislinking can happen for a range of reasons ranging from administrative errors to account changes during refinancing, but it’s ultimately the borrower who pays the price. Lenders need to ensure their systems are set up properly, but borrowers also have a responsibility to double-check. A quick look at your loan statement or internet banking could save you a lot of money.”

Offset mistake could add more than $111,000 in mortgage interest

A borrower with a $600,000 mortgage at 5.50% p.a. with $30,000 sitting in their offset account could pay $111,620 in extra interest over 30 years if their offset isn’t properly linked. This assumes the rate stays the same and no extra repayments are made.

It would also mean staying in debt for an extra 2 years and 8 months compared to a correctly linked offset account.

Older Aussies lag behind in checking offset accounts

The survey found that Baby Boomers are the least likely to check their offset account, with 69% saying they’ve never confirmed whether it’s linked to their mortgage. This compares with 58% of Gen Z, 50% of Gen X, and 47% of Millennials.

“Older Australians have been paying their mortgages for decades, so if their offset hasn’t been linked correctly that could mean years of lost interest savings. That’s money they may not be able to recover if the issue wasn’t detected early,” says Debbie.

How to check if your offset account is linked to your home loan

To check if your offset account is linked to your home loan, log in to your online banking or banking app and look for a section called ‘Mortgage Offset’ or ‘Linked Accounts’. If your offset account number appears there, it means it’s linked to your home loan.

Alternatively, check your home loan statement. It should show the interest charged each month, followed by an offset adjustment or similar line item. Having money in your offset won’t change your repayment amount (unless you’re on interest-only repayments), but the interest charged should be lower when there are funds in your offset account.

What to do if you find out your offset account isn’t linked

Debbie says you should call your bank directly and ask them to confirm whether your offset account is correctly linked to your home loan and from what date. “If it isn’t linked, ask them to backdate the connection to when your home loan settled,” she says.

Are you entitled to compensation if your offset account wasn’t linked?

If you discover that your offset account hasn’t been linked to your home loan, you may be entitled to a refund of the extra interest you were charged, depending on your lender’s policies and how long the issue went unnoticed.

Debbie says your lender should review your account and reimburse any extra interest charged due to their error, especially if you can show the offset was meant to be linked from the start.

“If they don’t, you can escalate the matter by lodging a complaint with your lender’s internal dispute resolution team and if it remains unresolved, it will proceed through to AFCA for review,” she says.

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New research by Money.com.au reveals that one in three Australians (34%) say their home loan extras, like offset accounts or bundled cards, are either too confusing or not worth the fees.

In comparison, two-thirds of borrowers (66%) whose home loan comes with additional features believe they offer good value.

Home loan extras are added features that come with your loan like offset accounts, bundled credit or debit cards, and fee waivers. These are often included in package loan products that offer a discounted rate, but they typically come with higher fees.

Money.com.au’s Mortgage Expert, Debbie Hays, says more borrowers are ditching home loan extras and package loans to avoid unnecessary fees.

“We find that many borrowers don’t use their offset accounts enough to justify the $10 monthly fee or the $395 annual package fee. Others don’t have enough savings in those accounts to benefit from the offset, so they’re switching to a basic loan with a redraw facility, which works in a similar way to reduce interest, but with no added fees,” she says.

“If your home loan includes an offset account, check that the interest rate is competitive and that the fees don’t outweigh the interest savings.”

Overall, the survey found that 62% of Aussie borrowers have a package home loan with extras, while 38% have opted for a basic loan with no frills.

How loan feature fees could slice $1,975 off your savings

Take a borrower with a $600,000 loan over 30 years and $10,000 sitting in their offset account. At a 5.50% interest rate, they’d save around $6,790 in interest over five years and shave 11 months off their loan term.

However, if that offset account is part of a package loan with a $395 annual fee, the total fees over five years would be $1,975 — bringing the net savings down to $4,815.

By comparison, putting the same $10,000 into a redraw facility on a basic home loan with no ongoing fees would give you the full $6,790 in interest savings, as long as you keep up your regular repayments and don’t touch the money.

Millennial borrowers most confused by home loan extras, but still paying for them

The survey found that Millennials were the most likely to question the value of their home loan extras — 35% say the features either aren’t worth the cost or they don’t understand what they’re paying for.

Baby Boomers followed closely at 34%, while 33% of Gen Z and 32% of Gen X also said their home loan extras are confusing or not worth the fees.

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New research from Money.com.au reveals that nearly half of homeowners who refinanced their mortgage (47%) reset their loan term back to 30 years.

Resetting the clock on your mortgage lowers monthly repayments, but it also means paying more in interest over the life of the loan and staying in debt longer.

Meanwhile, the survey found that 8% of homeowners who refinanced weren’t aware their lender had extended their loan term to 30 years until after the fact.

Money.com.au’s Mortgage Expert, Debbie Hays, says homeowners may be chasing short-term savings from resetting their home loan term which can come at a steep long-term cost.

“Yes, it feels like a win because it reduces monthly repayments, but it’s really a false economy. You may save a few hundred dollars a month now, but you’re signing up for tens of thousands in extra interest over time and adding back years to your loan when the goal is generally to pay it off sooner,” she says.

“Resetting the clock on your home loan back to 30 years in some instances only really benefits the banks, and not the borrower. For many Australians, that means carrying debt into retirement, and that’s a situation that can seriously limit financial freedom later in life.”

“If your mortgage is set back to 30 years inadvertently, don’t panic. You can make additional repayments or keep your monthly payments at the higher level you were already managing. That way, you won’t pay any extra interest and you’ll shave years off your loan.”

The survey found that 41% of homeowners who refinanced their mortgage chose to keep their original loan term.

Resetting your loan term to 30 years will reduce your monthly repayments, but will mean paying more interest overall.

For example, if a borrower with a $600,000 home loan and 25 years remaining at 5.70% refinanced to a lower 5.50% rate but reset the term to 30 years, their repayments would fall by $349 a month. However, they would pay an extra $121,067 in interest over the life of the loan compared with keeping the original 25-year term at the lower 5.50% rate.

When resetting your home loan term to 30 years makes sense

Debbie says there are scenarios where resetting a loan term back to 30 years makes sense.

“In some cases, extending your loan term can form part of a wealth-creation strategy. For example, if you’re upgrading to a new home and turning your current property into an investment, you might extend the loan term and switch the investment loan to interest-only repayments. This can free up cash flow, maintain your investment debt for potential tax benefits and allow you to direct more of your available cash toward the new owner occupied mortgage,” she says.

“For families under heavy cost-of-living pressure, resetting your home loan to 30 years to lower monthly repayments can provide essential breathing space in the short term. They can then make extra repayments later when they’re in a stronger financial position.”

If you’re refinancing with a broker or directly with a lender, do your due diligence and ask what the repayment is over a revised 30 year loan term and compare it to what you’re currently paying.

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New research from Money.com.au reveals that a third of homeowners (33%) let their bank automatically lower their mortgage repayments after a rate cut, instead of keeping them the same to pay off their loan faster.

Meanwhile, 7% of homeowners request a repayment reduction from their lender after a rate cut.

While lower repayments reduce monthly outgoings, your loan takes longer to pay off, and you end up paying more interest overall.

In comparison, the survey found that 39% of borrowers keep making the same repayments after a rate cut because their lender doesn’t automatically reduce them. One in five (21%) actively ask their lender to keep their repayments the same to pay their loan off faster.

Money.com.au’s Mortgage Expert, Debbie Hays, says borrowers should think beyond short-term savings when it comes to their mortgage.

“Letting your lender automatically reduce your repayments might feel like a win because it frees up cash in the short term, but it comes with a big opportunity cost. You’ll slow down your loan progress and pay thousands more in interest over time,” she says.

“If your lender lowers your repayments by default after a rate cut, you don’t have to accept it. You can request to keep paying the original amount, and if you can afford it, I always recommend doing so to pay off your mortgage faster.”

“This is especially important in the first five to 10 years of your mortgage, when most repayments go toward interest rather than the principal. Because interest is front-loaded, lowering repayments early on slows your ability to chip away at the actual debt. By keeping repayments steady during this stage, you can dramatically reduce your total interest bill and knock years off your loan.”

How much could you save by keeping your repayments the same after a rate cut?

Here’s a hypothetical example of how much a borrower could save on interest over time and shave off their loan term.

Following August’s rate cut, a borrower with a $600,000 mortgage over 25 years will see their monthly repayments drop by $108, assuming a new rate of 5.49%. But if they keep their repayments at the pre-cut level, they could pay off their loan a year sooner and save $32,464 in interest.

When combining all three rate cuts this year, a borrower with a $600,000 mortgage would see their monthly repayments fall by around $273. But if they choose to keep their repayments at the original amount, they could shave more than three years off their loan, and save $82,009 in interest.

While some lenders automatically lower repayments when interest rates drop, others leave repayments unchanged by default and require borrowers to request a reduction if they want to pay less. Keeping repayments the same can shave years off a home loan and reduce interest by thousands of dollars.

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We’ve long known the Bank of Mum and Dad helps fund home deposits — but new Money.com.au research shows parental influence stretches even further into the home loan process.

The nationally representative survey found that nearly one in three Australian first-home buyers (29%) went with the same lender their parents used or a home loan product they recommended.

The majority of Aussie first-home buyers (71%) made their mortgage decision independently, either solo or with the help of a broker.

Money.com.au’s Mortgage Expert, Debbie Hays, says trust is often a major factor for young Australians who are influenced by their parents when it comes to their first mortgage.

“A lot of young homebuyers engage a broker but are already set on a lender their parents have recommended, often because it’s the bank that’s held the family’s mortgage for years or helped with their parents’ refinancing. There’s a family trust factor there,” she says.

“But the lender or loan product Mum and Dad chose won’t necessarily be right for you as a first-home buyer. If you’re entering the market for the first time, you’ll likely have a unique borrower profile. You might have a high loan-to-value ratio, be applying for government incentives, or be using a cash gift as part of your deposit. Lenders have different policies around all these factors. That’s why you should compare options yourself or speak with a broker who understands the market.”

Gen Z most likely to turn to Mum and Dad for mortgage advice

The survey found that Gen Z (those aged 18 to 25) were the most likely to be influenced by their parents when applying for their first mortgage. Nine out of ten (90%) said their parents shaped the decision, either by recommending their own lender or suggesting a specific loan product.

By comparison, only 44% of Millennials (those aged 26 to 41) said their parents had a say in their first mortgage decision.

Parental advice also shaping property choice

Additionally, one in five first-home buyers (20%) let their parents weigh in on where or what they bought — whether it was the suburb, the type of property or both. Overall, 28% of Gen Z and 29% of Millennials said Mum and Dad helped shape their final property decision.

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Mistakes are bound to happen the first time you do anything and taking out a home loan is no exception. New research from Money.com.au reveals the most common regrets first-home buyers have about their mortgage.

The survey found that paying too much in loan processing and ongoing fees was the most common mistake, cited by 22% of Aussie first-home buyers.

This was followed by not being on a competitive interest rate (21%), choosing a loan without offset or redraw features (16%), not understanding the product they signed up for (15%), and not using a broker or using the wrong broker (13%).

Smaller proportions regret locking in a bad fixed rate (6%) or taking the advice of parents or family on which loan to choose (6%).

Money.com.au’s Mortgage Expert, Debbie Hays, says too many first-home buyers lock in with the first lender they approach, rather than shopping around for a better deal.

“Many first-time home buyers apply for a loan with the first lender they come across, often their existing bank or their parents’ bank. They haven’t yet built the habit of shopping around or getting advice from a broker. In that haste, they often overlook fees, loan features or whether the rate is even competitive. Once they catch their breath, they often realise they could have secured a better deal, or that the loan they chose doesn’t suit their long-term needs,” she says.

“That’s why we get a lot of first-home buyers refinancing within a year of getting their mortgage. By then, they’ve usually improved their loan-to-value ratio, gained experience with loan products and features, and become more assertive about what they want or don’t want from a lender. Many are also confident enough to haggle and push for establishment fees to be waived on their next loan.”

Gen Z stung by fees, Millennials by complexity, Gen X by high rates

The survey reveals that 28% of Gen Z first-home buyers said their biggest mistake was paying high loan processing and monthly fees.

Among Millennials, one in four (25%) regret not fully understanding the loan product they signed up for.

Gen X first-home buyers were the most rate-conscious, with 38% saying their main regret was not being on a competitive interest rate.

On a $600,000 mortgage over 30 years, even a small change in interest rate and fees can save first-home buyers thousands over the life of their loan. For example, a mortgage with a 5.70% rate and $4,450 in fees over the loan’s life would cost borrowers $31,341 more than a 5.50% loan with lower lifetime fees of $350.

The difference in monthly repayments is $76, with borrowers on the higher rate paying $3,482 a month compared to $3,406 on the lower-rate loan.

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Home lending may be bouncing back on the back of multiple rate cuts and easing borrowing conditions, but the road to recovery is tipped to be slower than expected.

New analysis by Money.com.au reveals it could take more than a decade for Australia’s mortgage market to return to its previous heyday, when more than 1,300 home loans were being issued on average each day.

In fact, home lending won’t return to those levels until at least 2036, new projections show.

According to ABS lending data, owner occupier loans last peaked at 1,322 per day in the March quarter of 2021. This peak was fuelled by a record-low cash rate of 0.10% and government support measures during COVID.

Then, volumes fell by more than a third, to just 822 loans per day in the March 2023 quarter. That was when the Reserve Bank was in the midst of its rate-hiking cycle.

Now in 2025, loan numbers averaged just 890 per day in the June quarter. At the current pace of growth, home lending won’t return to its previous highs of around 1,300 loans a day until at least 2036, when volumes are projected to reach 1,327 per day in the March quarter.

By then, the average new home loan size is projected to reach $1,145,982 — up 69% from today’s average of $676,434.

Money.com.au’s Mortgage Expert, Debbie Hays, says the road to recovery for Australia’s mortgage market may be bumpy.

“The stimulus-fuelled peak of 2021 was short-lived, and led to a major trough which we’re still slowly digging our way out of. The fact it will take a decade to return to those levels under normal growth shows just how distorting housing bubbles can be to the wider market,” she says.

“There may also be smaller peaks and troughs along the way. These disproportionately affect homeowners and first-time buyers, who are the most exposed to swings in borrowing costs and property prices. When volumes surge, prices rise, and those without a foothold in the market are locked out.”

“The next peak will occur in a very different environment. Borrowers will be facing much higher average loan sizes relative to their incomes, tougher affordability pressures, uncertainty in the jobs market due to AI, and likely an ongoing shortage of housing supply. That’s if another global shock doesn’t intervene before then.”

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