The most common reasons for indulging were because 'they need to enjoy themselves', 'buying small treats makes them happy', and 'they work hard so deserve rewards for their efforts'.

So, buy that latte everyday and spend your money on avo toast - after all, that's all Millennials are good for to some, despite the eldest ones now pushing 40.

Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

Update resultsUpdate
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
Principal & Interest
Featured Online ExclusiveUp To $4K Cashback
  • Immediate cashback upon settlement
  • $2,000 for loans up to $700,000
  • $4,000 for loans over $700,000
5.99% p.a.
5.90% p.a.
Principal & Interest
Featured Apply In Minutes
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
6.14% p.a.
6.16% p.a.
Principal & Interest
Featured Unlimited Redraws
  • No annual fees - None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
  • Redraw freely - Access your additional payments when you need them
  • Home loan specialists available today
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

Three quarters of survey respondents also said they would be 'more likely' to achieve their health and fitness goals if they had the right financial motivations, whatever that may be. 

The recent survey of 1,023 Australians aged 25 to 39, commissioned by CommBank, also revealed 95% said they could do a better job of managing their 'self care'. 

The definition of 'self care' goes beyond just putting on a face mask at night and having a glass of wine.

Those in Western Australia had the highest monthly spend on 'less essential' items at $591, while South Australians spent the least at $449.

The breakdown on less essential spending between the other states was:

  • Victoria, $586
  • NSW, $567, and
  • Queensland, $509

Tasmania, the ACT, and the Northern Territory didn't make the cut.

Director of Habit Change Institute Dr Gina Cleo said occasional small indulgences can be useful.

“This generation of Australians are known for their hard work ethic and busy daily schedule, so it’s important to form habits that provide a healthy break from the grind," she said.

"Once we begin to set aside time in our day for things such as a short walk or home cooking, we begin to prioritise self-care and allow time to rejuvenate and motivate ourselves to stay on track and achieve our goals," Dr Cleo said.

Enjoy that avocado toast, and try not to think about median house prices tripling (even accounting for inflation) since 1992, and wages stagnating, with real wages even going backwards in 2020.

A price-to-income ratio of housing above 5.1 is rated as 'severely unaffordable' by Demographia - all of the Australian capitals are above this threshold, where upwards of 80% of the population lives.

Photo by Wesual Click on Unsplash

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