Aussie couples could be swapping out toasters, kettles and linen for contributions to a housing deposit.
Increasing numbers of Aussie couples could soon jump onto a new wedding trend taking hold in the US.
In a bold twist on wedding traditions, many couples are asking guests for housing deposits instead of household items.
With property prices on a relentless rise across the Australia and many young couples being closed out of the housing market, housing funds could soon become commonplace on wedding registries.
A survey by online wedding registry company Zola found an overwhelming 87 per cent of couples planned to include cash funds as an option.
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This trend represents a departure from newlyweds stocking up on kitchenware, as they seek to start their lives together with even biggest assets — property.
Prominent buyer’s advocate Cate Bakos said couples asking for contributions to a house deposit was fiscally responsible.
“When you attend a wedding as a guest there’s an unwritten expectation that you either give the couple a gift or you give them money or you subscribe to the registry and give them what they’ve asked for,” Ms Bakos said.
Prominent buyer’s advocate Cate Bakos said she was in support of couples using their wedding registry to contribute to a house deposit – deeming it “fiscally responsible”.
“The trend has been turning away from the guests picking presents and giving toasters and kettles – there has been a wishing well at almost every wedding I’ve been through over the last 15 years.
“If (the money) goes on toasters and kettles that’s a depreciating asset, if it goes on a home that’s an appreciating asset and if it goes on a holiday that’s a vanishing asset – I think guests would probably feel really pleased about the money going towards something so substantial.”
US couple Gigi Blanco and E.J. Kelley included a house fund on their registry when they married in 2022 and received $20,000, Ms. Blanco, 32, told the New York Times.
Gigi Blanco and E.J. Kelley married in 2022 and included a housing fund in their registry. Picture: Instagram
The money helped them buy a farmhouse-style three-bedroom home in Bedford Hills, N.Y.
They were able to close on the house “without liquidating ourselves,” said Mr. Kelley, 37, who works in real estate marketing and brand strategy.
They closed on the house, priced at $689,000, for $725,000 after a bidding war and other negotiations, becoming first-time home buyers.
Collecting a house deposit at your Australian wedding, however, might not be as easy as it sounds. Even if each guest from a wedding of 100 people were to give $200, amounting to $20,000, Ms Bakos said it still wouldn’t quite get the couple over the line.
Ms Bakos suggests couples could consider having a less lavish wedding and save everything they can.
“Unless they were looking at a very low priced unit or something in the country in the regions $20,000 probably wouldn’t quite get them into the property but it would certainly give them a red-hot start – the hurdle that they’ve got with the lender is if that’s all of the deposit they have or the majority of it,” she said.
“Genuine savings will need to remain in their account for a certain number of months – usually it’s three months sometimes it’s six months depending on the lending policy.
“Most couples getting married in Australia now have lived together anyway so they probably don’t need toasters and cutlery and linen – they’ve probably already got it.”
The buyers advocate also suggested that due to skyrocketing wedding costs, couples could have less lavish weddings and save everything they can “to muster towards a house rather than a really expensive fancy wedding”.
With the average full-time adult weekly wage sitting at $1923 – owning a home is still out of reach for many Aussies.
Analysis by Mozo.com.au reported buyers needed at least $104,340 as a deposit in the Northern Territory to an eye-watering $233,500 in NSW, reflecting vast disparity across regions.
Victoria isn’t far behind, with a steep $180,960 for a deposit on an average house costing $904,800.
In Queensland, buyers need $156,320 for a typical house worth $781,600.
Over in South Australia, the deposit demand soars to $136,940 for a property valued at $684,700, while Western Australians need $134,200 for a $671,000 home. Tasmanians are also reaching deep into their pockets for $132,440 on a home priced at $662,200.
New South Wales remains Australia’s most difficult state to save up for a home with a whopping $233,500 required to avoid lenders mortgage insurance
According to ABS figures, the average full-time adult weekly wage in Australia is $1,923, which translates to a net monthly salary of $6,432.
Whether opting for simpler weddings or redefining registries, it’s clear the modern Aussie couple is set to rewrite the path to homeownership, turning marital gatherings into wise property investments in the face of daunting real estate challenges
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