Couples opt for discount weddings to get a foot on the property ladder

So in a bid to get a leg up on the pricey Australian property ladder, some couples are opting to put off life’s big moments, or passing milestones with a low-key approach, so they can gather enough cash for a hefty house deposit.
New research out from Me Bank shows that 69 per cent of millennials (18 to 34 years old) said they were putting off life goals in order to get a mortgage, significantly more than gen X (46 per cent) or baby boomers (41 per cent).
And when it comes to wedding bells, 23 per cent of millenials are delaying or downsizing their big day.
Newlyweds Keola Westcott and Chris Davey, both 32, put real estate before their big day and as a result they have four properties between them.
“We were engaged for two years but chose to buy properties and get all that sorted first before getting married,” she told news.com.au
 “I just figured that whether you spend $50,000 or $5000 on a wedding the result is the same. The reason you get married is the same,” she said.
Ms Westcott admits that the financially responsible approach to their nuptials has a lot to do with what they do.
“We’re both accountants so we really took a pragmatic approach. When you look at a wedding day it kind of is a depreciating asset. Like a sports car that you lose value on as soon as you drive it. You’re still legally married, but the investment should be an emotional one, not a financial one,” she said.
Instead of a big bash at home on the Sunshine Coast in Queensland, the couple flew to Mexico with a Go Pro and no guests.
“The idea was pretty well received by our immediate family, but there were a few raised eyebrows from some friends and family. I guess some people were surprised that a big wedding wasn’t at the top of our list,” she said.
 “We uploaded the video almost straight away for them to see it almost live and then we FaceTimed with people. Ultimately we got a honeymoon at the same time and still got to share the moment with everyone,” she said.
With an average Australian wedding costing $36,200, according to the Australian Securities and Investments Commission, more couples are having to choose between tying the knot with flare and becoming homeowners.
While that figure is a fraction of many home deposits in the current market, it still takes a big slice out of the home deposit cake.
Bessie Hassan, consumer advocate at finder.com.au said it wasn’t surprising to see more couples put off marriage to buy a home first.
“It’s becoming more and more common to live together without getting married or couples tying the knot later in life when they are more financially stable. In fact, the latest figures from the Australian Bureau of Statistics analysed by finder.com.au show a decline in marriages,” she told news.com.au.
“While our population has grown by about 17 per cent in the past decade, the number of marriages hasn’t kept up with this pace, growing by just 5 per cent over the same period. There were 4282 fewer marriages in 2013 compared to 2012,” she said.
“And despite property prices at record highs, the Australian dream of owning a home is still going strong. When the cost of a wedding is potentially the same price as a home loan deposit, we can see why so many Australians are choosing to set themselves up for life and worry about marriage later,” she said.
The Me Bank study also found 14 per cent of Australians delayed having children (or having fewer) until they bought a home, but that figure jumped to 24 per cent for Millenials.