Young people like saving and renting
Many young Aussies are not interested in buying property and burdening themselves with a home loan. They are renting and building up their savings by putting regular amounts away in high interest online savings accounts.
First time home buyers are at their lowest share of all new mortgages in a decade.
Today’s young people must work longer to save the same home deposit as their parents. While, in the past, many older Australians believed that “rent money is dead money,” today’s financially savvy young people believe that interest paid to a bank on monthly mortgage repayments is also ‘dead money.’
So instead of paying interest to a bank many are paying rent and putting the remainder into an online savings account.
Source: Courier Mail