Exploring how Australians feel about their financial future.
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No Place Like Home
The homeownership journey is an emotional investment for everyone involved. It typically doesn’t start and end with buying a home. For some people, the process starts much earlier with saving for a deposit. And for many, the journey continues for up to 30 years and beyond, paying off a mortgage, and potentially buying and selling different properties along the way.
In 2023, we developed and launched the Great Southern Bank No Place Like Home research report to chart the homeownership journey and explore how Australians felt throughout the experience. We’ve now entered our second year of research, exploring how everyday Australians feel about the homeownership journey – including from the initial stages of saving, right through to getting the keys.
This research includes the Home Happiness Sentiment Tracker with its valuable insights into how people feel when it comes to homeownership: from how happy people are in their existing home, to how they feel about buying in the future.
In this second wave of research, we’ve looked at how happy people are about their living and financial situations. This includes their thoughts and feelings on current and future economic conditions, what home means to them, and what the homeownership journey might look like down the track.
A word from our Chief Customer Officer
What makes a ‘home’? Is it the bricks and mortar? The memories, the people, the place? And, the big question – does a home really make you happy?
In our second ‘Happy’ No Place Like Home Report, we ask these questions and more of Australians at different stages of their housing journey, including renters, aspirational first-time buyers, and homeowners.
The research is clear - having a home does indeed make you happier, and owning a home makes you (significantly) happier still. More than 80% of people say their home is their happy place, while a similar number also believe that homeownership is central to their happiness.
Thanks to the research, we’re also able to crown the southern state with Australia’s happiest homeowners.
We love that there are many reasons why people find joy in their homes. We want to share that joy. In fact, our purpose as a bank is to help all Australians own their own home. Last year we provided loans to more than 2% of all Australian first home buyers, a number far larger than our overall market share.
No matter what stage of the homeownership journey people are at, we want to help.
Nothing would make us happier.
Megan Keleher,
Chief Customer Officer, Great Southern Bank
Homeownership is key to happiness
Whether it’s housing stability or being a stone’s throw away from the shops, there are multiple factors that influence how we feel about our living situation.
Homeownership status is a big driver of happiness. Our Home Happiness Sentiment Tracker is designed to show how happy Australians are in their current housing situation. Those who owned a home outright showed a happiness score of 7.4 out of 10, while those with a mortgage reported scored 6.7. This compared to the happiness score of 6 for renters, revealing it’s clear that homeownership can be a golden ticket to happiness for many people.
When we examine happiness state-by-state, Tasmanians are the happiest with their current situation (54%), while Victorians are the least happy (35%). Here’s how the other states ranked:
- South Australia – 43%
- Queensland and Western Australia – 40%
- NSW, ACT, and Northern Territory – 36%
Where people live can also make an impact on their happiness. For example, a young family living close to a parks and playgrounds can create new friendships for parents and children alike. Retirees, meanwhile, might prefer the convenience of being close to their local supermarkets, cafés and restaurants.
At Great Southern Bank, we strive to help all Australians find happiness through owning their own home, no matter what that looks like for them.
Homeowners = 6.9 average
- Renters = 6.0
- No loan (own outright) = 7.4
The older we get, the happier we are in our homes
A common thread we’ve identified is that the older you get, the happier you are with the home you live in.
So, let’s break it down by the generations: Baby Boomers* are the happiest with their living situation (55%), followed by Gen X (39%). The younger generations, Gen Z and Millennials, both showed similar levels of happiness in relation to their living situation (32% and 34% respectively).
This might come down to the fact that Baby Boomers and Gen X have had ample time to settle down after their buying journey and make the home their own unique happy space.
Our purpose at Great Southern Bank is to help all Australians own their own home.
We’re here to help whether you’re saving for a deposit, or ready to take the leap, we can help you move in sooner with as little as 5% deposit.
*Generation Z were born 1995-2009; Millennials were born 1980-1994; Generation X were born 1965-1979; Baby Boomers were born 1946-1964.
Case study: Kristy Heigan, QLD
Kirsty Heigan, 31, purchased a unit in Brisbane’s inner north with the help of Great Southern Bank and a Government-backed lending scheme. She chose a 1-bedrom unit close to shops, parks and bikeways.
“Buying a home for me was an opportunity I never saw coming,” Ms Heigan, a HR Specialist said.
Kirsty believes that without the support of the Government-scheme and the bank, it would have taken about eight years to save up on her own. A year on since she purchased, Kirsty says it was one of the best decisions she’s made.
“Homeownership has been so much more than I expected it to be. Beyond feeling financially empowered, my lifestyle has improved tenfold. It means I get to live the life I want to live.”
For those looking to buy their first home, Kirsty encourages them to do it on their own terms.
“While there is a lot of pressure in the market to act quickly, trust yourself and make decisions that you are going to be comfortable with,” she said.
Kirsty is looking forward to hosting more parties for family and friends in her own home.
A slow but steady step in the right direction
Cost of living is still impacting Australians, but around 43% are less concerned about current economic conditions. It’s a decrease from last year’s figure (54%), indicating that Australians are increasingly managing their finances in-line with the new normal (the increased cost of living).
So how does this translate to financial happiness?
Around 20% of renters and 35% of homeowners are happy with their finances, a small improvement from last year. These figures may reflect the fact that some long-term renters have learnt how to navigate the shifting nature of the rental market throughout the years, while homeowners might’ve capitalised on lowered interest rates before rate rises to pay off more of their mortgage.
In addition to this, women are less happy with their finances than men. Women tend to carry the mental financial load in the household and often are in lower paid jobs, which can influence how they see their money.
Happiness and finances often go hand-in-hand. That’s why at Great Southern Bank, we have a range of clever tools to help Australians become savvy with their money (and improve their happiness!).
The meaning of ‘home’ is different for everyone
Buying a home is an emotional decision to make – but it’s also one lots of people don’t regret.
Many Australians believe that owning their first home is strongly linked to driving overall happiness. In fact, around 80% of people who own their home outright believe that homeownership is central to getting a piece of the happiness pie.
We understand that ‘home’ means very different things for everyone. It’s a place where people feel safe and secure (86%), a happy space (81%), and not even a physical building at all but where loved ones are (72%).
Regardless of what ‘home’ looks like for you, it’s our goal to help you own and live in a home that means something special to you. Our clever guides and tools are a great first step you can take to hop on the path to homeownership.
Financial confidence on the rise
Australians have adapted their spending and saving behaviours in line with the cost of living, which has sparked a steady increase in financial confidence.
Around 32% feel confident in managing their household costs in the current economic climate, a slight increase from last year’s 30%. This indicates that some Australians have learnt to adapt to adversity and come out financially stronger and smarter.
Whether you plan on buying an inner-city apartment or are saving and waiting, we have a range of articles that can support your journey, such as learning about home insurance basics or how to save for a home deposit.
Homeownership still a goal for many Australians
Despite the fact many Australians think it’s more difficult to buy in the current market, there’s still homeownership hope on the horizon.
Around 46% of aspirational buyers are looking to purchase in the next three years, highlighting how some Australians are hoping that interest rates will lower and market conditions ease to get a rung on the property ladder.
With 81% of people saying their home is their happy place, we want to make sure Australians feel empowered to achieve their home-buying goals and find a home that makes them truly happy.
Great Southern Bank has plenty of smart tools and tips to help you feel confident on your homeownership journey. Whether it’s setting (and achieving) a financial goal or simply learning about different types of home loans, it’s never too late to get on the road to your future home and happiness.
Other reports in the series
9 minutes
The journey towards happily clever after (August 2024)
8 minutes
How clever do Australians feel about money (April 2024)
A look at Australians’ financial literacy and ability to save.
For more information
For inquiries, interview requests or for permission to cite the research, please contact:
Laurel Lee Blain
Senior Manager, External Communications
Michael O’Toole
Manager, Corporate Communications
Important Information
The Great Southern Bank No Place Like Home Report is a 3-part series, with online surveys to be conducted in three waves across the year. The research was conducted by The Clever Stuff , in partnership with Pure Profile , surveying 2,002 Australians aged 18-65 who are nationally representative of the Australian population by age, gender and location. The survey was conducted from 24 May to 5 June 2024.
More information about the report
The report will be divided into three different phases, which allows us to dig deeper and explore each topic in more depth:
Happily
Focusing on people’s happiness with their living situation.
Clever
Looking at people’s financial confidence and knowledge.
After
Understanding people’s future financial and housing goals and aspirations.