Mortgage over marriage: Qld couples ditching the altar for bricks and mortar

Brisbane fiances Miki Ellis and Daniel Walker said ‘I do’ to homeownership first. Photo: Steve Pohlner

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Young Queenslanders are increasingly choosing a mortgage over marriage, with de facto couples now making up close to one-third of all home loans — an 80 per cent spike since 2015.

Meanwhile, applications from married couples have steadily declined, latest data from Aussie Home Loans shows.

Brisbane couple Miki Ellis, 23, and Daniel Walker, 33, are among those prioritising property over a wedding.

After buying their first home together last year, the finance industry workers quickly realised their $50,000 wedding plans were out of reach and put their dream day on hold.

The coupe bought a house in Banyo. Photo: Steve Pohlner

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The fiancés purchased a two-bedroom post-war house in Banyo for $720,000 in February 2024, just as interest rates peaked.

They were excited to start building equity towards upgrading to a larger family home in the future, but Mr Walker’s marriage proposal brought a reality check.

“We realised we couldn’t have it all,” Ms Ellis said.

“We looked at wedding venues but with a modest wedding for the 50 or so guests on our list, it would be upwards of $50,000 for the day.

“We contemplated eloping or having a surprise low-key ceremony, but even then the wedding would have drained our savings, and we didn’t want to sacrifice our long-term goals.”

Couples are realising they can’t have it all

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Aussie Home Loans mortgage broker Tracey Hammond said Gen Z and Millennial homebuyers were flipping the script by switching up the traditional milestones of engagement, wedding, then home purchase.

“Everyone’s love story is different,” Ms Hammond said.

“For some, the dream is a big wedding; for others, it’s picking up the keys to their first home together.

“More and more, we’re seeing couples choosing to invest in bricks and mortar first.

“It’s a tough reality for a lot of first home buyers, but it comes down to prioritising their long-term financial security over societal pressures,” she said.

An average Australian wedding costs more than $40,000

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Aussie Home Loans analysed mortgage settlements between 2010 and 2024 and found de facto couples now account for 27 per cent of all home loans — up from 15 per cent a decade ago.

With the average Australian wedding costing more than $40,000, couples like Ms Ellis and Mr Walker are delaying tying the knot amid sky-high property prices and soaring living costs.

In Queensland, a typical wedding costs slightly less at $31,900, but that’s around one-fifth of a standard 20 per cent deposit for a typical house priced around $900,000.

Buyers’ agent Lauren Jones said young couples are extending their engagement to prioritise their financial future

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Brisbane buyers’ agent Lauren Jones said buying a home together was fast becoming the first serious commitment for young couples, ahead of getting hitched or having kids.

“Very rarely now do I have a young couple aged under 25 who are married,” Ms Jones said.

“First home buyers will save the lump of cash for a home deposit and then it comes down to two options — do we get married and spend that money on one wedding day, or do we invest in the future and buy the house?

“I’m also seeing a lot more couples who are staying engaged for five years or more. They might delay the wedding again when it comes to the decision of when to buy an investment property,” she said.

The rising cost of living is forcing young people to flip the script on traditional milestone

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For couples living together, a lender doesn’t discriminate between marriage and defacto relationships, if both parties will be on the property title.

But Ms Jones noted that a significant discrepancy in income could affect the borrowing capacity of a couple compared to a single homebuyer.

They may be skipping vows, but today’s buyers aren’t afraid of long-term commitment, with separate research by Finder showing 30 per cent of Aussies would take out a 40-year home loan if it reduced their monthly repayments to a more affordable level.

Four lenders currently offer 40-year mortgages, three of those exclusively to first home buyers.

The average home loan size reached a record high in 2024

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Australian Bureau of Statistics (ABS) data shows the average home loan size reached a record high of $641,416 in September 2024, up 37 per cent from five years prior.

With the pressure of wedding planning off their shoulders, Ms Ellis and Mr Walker said they were focused instead of increasing the value of their home through renovations.

“It was a tough decision, but it felt smarter in the long run,” Ms Ellis said.

“We want a four-bedroom house, but we can’t afford that yet, so we’re making our current place work.”

“Once we’re in a better financial position, we’ll revisit the wedding. But for now, it’s about investing in our future.”