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New data reveals Aussies delay – not ditch – holidays after buying a home, with nearly half waiting 3-plus years before going overseas

February 27, 2019 Statistics & Trends No Comments Email Email


New research reveals that even a new home loan doesn’t stop Aussies from travelling eventually. Nearly half (44 per cent) of Australian mortgagees wait more than three years before taking an international holiday, and a third (34 per cent) wait two years before going on a domestic trip.  http://www.stevecafeandcuisine.com/

A survey of an independent, nationally representative panel of 1000 Australian mortgage holders[1], commissioned by the world’s leading online travel insurer, InsureandGo (insureandgo.com.au),sought to uncover how long Australians waited before they went on a domestic and international holiday after taking out a new mortgage.

The findings further reveal that in the first year of their mortgage, nearly three quarters (72 per cent) of mortgagees didn’t take an overseas trip and over half (55 per cent) didn’t take a domestic trip. Only 10 per cent took an overseas trip and just under one-fifth (19 per cent) took a domestic trip in the first six months of their mortgage.

It seems Tasmanians and Queenslanders delay their holidays longer than home buyers in other states: the data shows that 70 per cent of Tasmanians and 53 per cent of Queenslanders waited more than three years to go overseas, compared with just 37 per cent of West Australian home buyers, 40 per cent of NSW home buyers, and 44 per cent of Victorian, ACT and South Australian home buyers.

Tasmanians also wait the longest to take a domestic holiday. 30 per cent wait more than three years, compared with 11 per cent of ACT home buyers, 17 per cent of Victorians, 18 per cent of Queenslanders, 19 per cent of West Australians, 21 per cent of South Australians, and 20 per cent of NSW mortgagees.

When looking at the differences between ages, it seems that travel is something that younger age groups are not willing to compromise on: 23 per cent of under-40s waited more than three years to go overseas after their mortgage, compared with a whopping 70 per cent of over-60s. Thirty (30) per cent of over-60s also waited more than three years to go on a domestic holiday, compared with just 6 per cent of under-40s.

InsureandGo spokesperson, Jonathan Etkind says: “Despite a property being one of the biggest investments someone will make in their lifetime, younger home buyers are not willing to compromise on travel. We forecast that travel will continue to be a leading consumer expenditure category regardless of how the property market fares in 2019. However, we remind those going on holidays this year to be financially savvy by getting the right travel insurance to suit your destination, the activities you will be doing on your trip, and the categories that you want covered.

“The cost of travel insurance is a small amount compared with the potential expenses incurred if something were to go wrong. With premiums starting from $27[2], travel insurance can help prevent any unexpected costs that might even put your home ownership at risk.”

Amount of time mortgagees waited before going on an overseas holiday % of respondents
I waited more than three years to go on an overseas holiday 44%
I went on an overseas holiday between 1-2 years 18%
I went on an overseas holiday after 2 years 16%
I went on an overseas holiday after 1 year 11%
I went on an overseas holiday in the first six months 10%

 

Amount of time mortgagees waited before going on a domestic holiday % of respondents
I went on a domestic holiday between 6-12 months 26%
I went on a domestic holiday after 1 year 21%
I went on a domestic holiday in the first six months 19%
I waited more than three years to go on a domestic holiday 19%
I went on a domestic holiday after 2 years 15%

 

Mortgagees across States that waited more than three years to go on an overseas or domestic holiday 
  NSW VIC QLD ACT SA WA NT TAS
Overseas holiday 40% 44% 53% 44% 44% 37% 40% 70%
Domestic holiday 20% 17% 18% 11% 21% 19% 20% 30%

 

Age breakdown of mortgagees that waited more than 3 years to go on an overseas holiday % of respondents
18-29 years old 20%
30-39 years old 26%
40-49 years old 38%
50-59 years old 57%
60+ years old 70%

Age breakdown mortgagees that waited more than 3 years to go on a domestic holiday % of respondents
18-29 years old 3%
30-39 years old 9%
40-49 years old 21%
50-59 years old 24%
60+ years old 31%


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