New St.George research finds Chinese born Australians prioritise home ownership
1 December 2017
New findings from St.George Bank have revealed Chinese born Australians are more likely to be home owners, with three quarters (75%) owning property – 10 percent above the national average. Further, 79 per cent are planning some kind of change to their housing situation in the next five years, compared to a national average of just 59 per cent.
The 2017 St.George Home Buying Survey also found Chinese born Australians are motivated to buy their own home for reasons related to family, with 94 per cent agreeing that the stability of living in their own home is important to their family, and 93 per cent indicating home ownership is what provides them confidence for their family’s future.
St.George’s General Manager for Retail Banking Ross Miller said “Chinese culture is known to be family-oriented, and the research revealed Chinese born Australians consistently place a high importance around family, particularly with owning bricks and mortar – whether that was looking to their family to help buy their first home, or as a key motivator for owning one themselves.”
When compared to the national average, Chinese born Australians were more likely to have family help (33%), more likely to have received a financial gift from their family (15%), and twice as likely to have borrowed from family (21%) to help purchase their first home. This compared to a national average of 19%, 10% and 10% respectively.
In addition, six in every 10 (62%) Chinese born Australians believe help from their family is imperative in assisting them to enter the property market, compared to four in 10 overall (44%).
“While we’re seeing more people look to family for help, our research shows there is generally a low level of understanding of the different options available to purchase a home and families need more help in this area.
“As a family bank, St.George is passionate about helping all Australians into their own home, and we’ve found many customers who want to get into the market sooner are researching options like Family Pledge, which allows a family member to guarantee part of a home loan using the equity in their own home.
“I’d encourage any prospective buyers to shop around, and head to their local branch to chat to one of our experts about how we can help achieve their home ownership goals,” added Ross.
For more information, head to www.stgeorge.com.au.
Emalie McPherson - Assistant PR Manager, St.George Bank - 0481 915 557