Thousands of Aussies are having to trade romance for reality as property prices soar and home loan repayments bite.
New research from Mortgage Choice shows the cost of saving for a home or paying off a mortgage is taking a noticeable toll on many.
The latest Home Loan Report, which draws on home loan submission data and a national survey of 1,000 consumers, shows love is increasingly taking a back seat to financing housing.
As hungry buyers circle the market for opportunities, 62% of consumers admitted the cost of mortgage repayments or savings efforts has impacted their relationship.
More than a quarter (29%) say they are opting not to go out in favour of staying in and pocketing the difference, while 24% admit they have had to scale back date nights to maintain their property dreams.
Almost a quarter (24%) of respondents also said they are spending less on gifts for anniversaries and each others birthdays.
Gift giving is on the back burner for many couples. Picture: Getty
Discretionary spending has become increasingly harder to justify for many in the last year, with home prices having increased 8.4% over the 12 months to January.
The median value of a home in Australia is currently at an all-time high of $880,00, with the property market expected to grow a further 6-8% in 2026.
Prospective buyers in Sydney, Brisbane, Perth and Adelaide are facing the biggest hurdles when it comes to saving to buy, with each capital’s median value significantly higher than the national average.
New data from the Australian Bureau of Statistics this week also shows consumers are willing to shell out on equally expensive mortgage repayments.
In Sydney, the nation’s most expensive city, the average new owner-occupier mortgage is currently sitting at $873,000.
Borrowers in this scenario face mega mortgage repayments of $5200 a month, assuming a rate of 5.19%.
If the Reserve Bank hikes up the cash rate for a second time this year, mortgage holders in all capital cities are likely to be faced with noticeably larger minimum repayments.
How much a rate rise could increase mortgage payments in each capital
| City | Current median value | Loan amount | Current monthly repayments | Monthly repayments with a 25 basis point hike | Monthly difference |
| Sydney | $1,617,000 | $1,293,600 | $7,344.92 | $7,549.10 | $204.18 |
| Brisbane | $1,178,000 | $942,400 | $5,350.84 | $5,499.59 | $148.75 |
| Perth | $1,045,000 | $836,000 | $4,746.72 | $4,878.67 | $131.95 |
| Adelaide | $966,000 | $796,800 | $4,524.14 | $4,649.91 | $125.77 |
| Canberra | $1,012,000 | $809,600 | $4,596.82 | $4,724.61 | $127.79 |
| Melbourne | $1,007,000 | $805,600 | $4,574.11 | $4,701.26 | $127.15 |
| Hobart | $759,000 | $607,200 | $3,447.61 | $3,543.45 | $95.84 |
| Darwin | $665,000 | $532,000 | $3,020.64 | $3,204.61 | $83.97 |
When it comes to mortgage repayments, the report found 40% of prospective buyers plan to split them evenly.
More than a quarter (18%) plan to split repayments based on income, with the higher earner in the couple paying a larger chunk.
The toll of keeping up this year could see more homeowners making even more sacrifices at the expense of romance.
Repayments are likely to get even more expensive this year. Picture: Getty
“13% of borrowers said they would struggle to meet their home loan repayments and would need to dip into their savings if their interest rate rose by 25 basis points,” Mortgage Choice chief executive Anthony Waldron said.
Almost one in five consumers say they feel money worries have caused stress to their relationship, while 13% of couples have also taken on extra work to manage repayments or save faster.
Varying views on finances generally were also found to be negatively impacting relationships, with 12% of couples flagging disagreements about money.
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