Two in three Aussie couples marry before they buy a home, according to Finder data published on domain.com.au.
One in four then spend about six months paying off credit card debt they used to pay for the big day.
While the thought of wedded bliss is meant to be, well, blissful, many couples can find the reality more like a financial hell if they haven’t planned ahead.
40Forty Finance Director Will Unkles says these milestones can be the ingredients for a perfect financial storm: “Fall in love, get a ring, realise you don’t want to be renting when you get married, find money for a deposit, get money for a wedding, and get a big home loan.”
So if you’re under 30 it’s best to get your game plan in place if you haven’t already, because the average age for marriage in Australia is 31.5 for men, 29.5 for women and the average first time buyer is 32 years old.
While the royal wedding cost a reported $60 million (crazy right??) the average Aussie wedding costs around $31,000. That’s a sizeable chunk that could go towards a home deposit, but remember that’s an average cost, so many couples are tying the knot for far less.
Around 8 per cent of brides- and grooms-to-be also save dollars by living with their parents until their wedding. This might not be a budget strategy everyone is prepared to consider, but it goes to show that when it comes to juggling marriage and home deposits, there are ways to have your wedding cake and eat it too.