What would you do if you were unexpectedly given $100,000?

Would you put it towards buying your first property, or towards buying an investment property? Would you put towards your home loan, or spend it on ‘other’?

When the latest Mortgage Choice Home Loan Report sifted responses from 1,000 consumers nationally, Baby Boomers were the most likely generation to use the funds for ‘other’. That 39 per cent result isn’t entirely unexpected!

The survey, however, found that half of borrowers surveyed said they would use that money to buy their first property or put it towards an investment property.

Gen Z were the most likely to put the funds towards their first property (at 37 per cent) followed by Millennials, and when it came to buying an investment property, Millennials led in using the windfall for that purpose (23 per cent), while six per cent behind them, Gen Z and Gen X tied.

A quarter of Gen Xers said they’d sink the $100,000 into their home loan, followed by Millennials at 23 per cent, Baby Boomers at nine per cent and Gen Z at seven per cent.

Getting into the market hasn’t suddenly become any easier, even though home loan interest rates have started to fall.

It’s been said that the bank of mum and dad is one of the largest lenders in the country and the survey found that more than a fifth of Gen Z respondents were funding their home loan deposit with a cash gift from family.

It all still seems to suggest that young Australians see property as their path towards financial security.