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https://au.finance.yahoo.com/new ... BgNtLJXk4nbdNRmFvoy
Mortgage broker calls out spending habits of young Aussies saying there's no cost of living crisis: 'You see everything'
Many young Aussies aren't so much facing a cost of living crisis, as much as they’re facing a cost of spending crisis. That's the admittedly "hot take" of one Melbourne mortgage broker who says many clients he sees are wasting money on “ridiculous” things.
Nick Rabba specialises in finding loans for first home buyers at brokerage firm Inovayt in the city's inner north. As part of that work he gains an insight into what people are doing with their money and has called out some of the worst spending habits he sees among young Aussies applying for home loans.
“You see everything,” he told Yahoo Finance, including people taking out loans for holidays and a “surprising” amount of guys paying for lottery-style giveaway subscriptions.
When using the firm’s software to review the financial habits of clients, he doesn’t think the so-called cost of living crisis is all its cracked up to be.
“You put in the client's bank statements in there and it pretty much spits out what your banking app would show you, so it sort of breaks down where they're spending, what it looks like, and sometimes we do a manual review as well,” he explained.
Among the arguably worst habits is giveaway subscriptions, like the one run by billionaire Adrian Portelli which asks Aussies to pay a membership which includes the chance to win major prizes.
“I was surprised how many people actually are subscribed to that. I thought it was going to be none, but a lot of blokes my age or in their early 20s, mid 20s, subscribe to that,” Rabba said.
He argued many people are needlessly spending on Uber Eats deliveries, and nights out where they spend $300 to $500.
“You don’t need to be spending $30 on a meal delivered when you can cook it at home for probably $5 to $10,” he said in a video calling out the common behaviour.
Expensive designer clothes is another thing he sees people spending money on despite trying to save for a house, while he also recalled one client who took out a near $50,000 loan for a holiday.
Of course people should live their life and enjoy themselves and “we all have our vices,” he said, but for those trying to save for a deposit it can be hard to justify some of the spending habits.
“If you’re trying to break into the market you need to live within your means, save the deposit [and] then do what you like,” he said.
Consumer spending remains solid ahead of RBA decision
Major bank NAB released its latest consumer spending data this morning which showed shows household budgets are still holding up, despite inflation and cost of living pressures.
Consumer spending was up 1.1 per cent in May, reversing a previous decline in April, while spending over the last 12 months was up 6.5 per cent.
NAB chief economist Sally Auld told Yahoo Finance it was a “pretty solid outcome all up”.
The data suggests Aussies are still being selective with their spending, with essential costs like utilities continuing to climb, big-ticket household purchases remaining subdued, but Aussies still making room for small discretionary purchases.
Discretionary spending increased 2.4 per cent, but Auld said this was “knocked around a little bit” by travel refunds issued due to the war in the Middle East. “What it broadly tells you is that as the consumer has the whole way through the Middle East crisis, they seem to be holding in reasonably well.”
As for first home buyers, Rabba said the market has remained busy but there are plenty of vendors dropping their prices as the market softens.
“I've seen a lot of properties have reductions, so something's listed for $900,000 for a couple of months and then it gets pulled down to $800,000 or $850,000. I'm seeing that across the board,” he told Yahoo Finance.
He predicts the rest of the year will likely offer a great buying window for first home buyers as some investors wait for certainty and interest rates remain elevated.
“I reckon the next six to 12 month window will probably be the best some first home buyers will ever see, because I think if rates start to come down at the end of this year, maybe early next year, then we're going to see what always happens – people rush back into the market and then prices just increase,” he said. |
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100分先生的秘密 - 叶老师补习班 (2010-3-7) patrickzhu 
楼主:dootbear
发表于 2026-6-19 13:57
