Most people who buy a home do so to have the freedom to renovate and decorate, the latest Mortgage Industry Association (MIAA) and BankWest Home Finance survey has found.
The nationwide survey of homeowners and potential homeowners found 92 per cent of people believe owning their own home has more advantages than renting.
"What is interesting is that more people (97 per cent) rated the freedom to renovate and decorate a key advantage of owning a home than the feeling of financial security (86 per cent) that home ownership provides them," MIAA Chief Executive Officer Phil Naylor said.
"Clearly, people want full control of their environment and place a lot of importance on the independence that home ownership gives them," Mr Naylor said.
BankWest Head of Retail Sales, Mark Reid, said the survey findings indicate Australians are becoming more financially conscious and aware of the benefits of long term investments.
"The survey shows that Australians are concerned with financial stability and the sense of freedom that home ownership provides them," Mr Reid.
"Not surprisingly 77 percent feel that home ownership is an essential step in building personal wealth and 91 per cent believe owning a home is a better option for a family."
