Holidays top priority for NSW savers

New research by Greater Building Society shows saving for a holiday is a top priority for people in regional NSW although almost one in five have not had a holiday in more than five years.

The survey found that a holiday was the second most prevalent reason why people saved (29 per cent) just behind saving for general savings and emergencies (31 per cent), and well ahead of saving for a home renovation (13 per cent) and a deposit for a house (12 percent). A total of 22 percent were saving “for nothing in particular”.

While one in every two people (56 per cent) has been on a holiday in the last twelve months, one in five people (17 per cent) haven’t treated themselves to a holiday in more than five years.

Of the 47 per cent that said they were likely to travel in the next 12 months two in five (41%) will travel in Australia. The USA is the preferred country of those planning to travel overseas.

CEO Don Magin said Australians love of travel is one of the reasons why it had introduced a holiday offer on its basic home loan In March. He said in line with the survey findings, The Greater is expanding the offer. From May 5, The Greater is adding airfares to Los Angeles as a fourth holiday option for anyone taking out a new or switching their existing home loan ($200,000 and over) to its Great Rate Home Loan.

Customers will be able to choose from:

  • return flights to the US city of Los Angeles for two people
  • a five night holiday to Fiji (flights and accommodation)for two people (plus kids stay and eat free)
  • a range of South Pacific cruises for two people
  • a Gold Coast family holiday for two adults and two kids, including seven nights accommodation plus entry to three theme parks.

The Greater is waiving application fees on all home loans until the end of June.
Mr Magin said people in regional NSW want a holiday and The Greater is giving them a choice of holidays with their home loan.

“People don’t have to save for a holiday, they can save money on their home loan and get a holiday on The Greater,” Mr Magin said.

“As a customer-owned rather than a shareholder-owned banking organisation we can put our profits back in to offering customers better rates than the banks and value adds on our products and services such as the holiday,” he said.

The research was conducted by The Greater on 858 people (customers and non-customers) across the regional NSW areas of the Illawarra, Hunter, Central West, Central Coast, mid-North and North coasts, New England and Northern Rivers.
The Great Rate Home Loan variable rate is available as a fixed, variable or split loan and offers free internet redraw and no ongoing loan fees.

The Greater provides 250,000 customers across most of regional NSW, Sydney and South East Queensland with a range of banking services to make their lives greater.

Research conducted by The Greater in March 2014 of 858 people in regional NSW.
Survey findings

  • A holiday is the second most popular reason for saving (29%) just behind general savings and emergencies (31%)
  • 56% of people have had a holiday in the last 12 months but 17 % have not had a holiday in more than 5 years
  • 47% of people are likely to travel in the next 12 months
  • 41% of them plan to travel in Australia
  • The USA is the preferred country for those planning to travel overseas in the next 12 months.

Media information: Craig Eardley on 0437 477 493.