Australian couples are expected to dump their excessive Valentines' Day spending this year and focus on long-term purchases like buying a home.
Mortgage lenders are urging lovers to take a sober look at the money they plan to outlay on February 14.
They want would-be romantics to consider using the same amount to make an extra repayment on their home loan, which could bring forward by a year the time it took to pay it off.
"If the average couple channelled the $300 they would normally spend on this so called romantic day into their home loan each year ... they could save $19,202 over a 30-year loan, or shave more than one year off their loan," home loan lender MyRate said in a statement.
The figures are based on a 30-year, $300,000 loan at 6.64 per cent.
MyRate also calculated that if a couple had one less dinner out each month and instead paid $150 into their home each month for 30 years, they would save more than $86,000 or five years and seven months off their $300,000 home loan.
In a new economic climate of rising interest rates, increased uncertainty and heightened difficulty obtaining finance, many couples were looking to save money by cutting out costly events, Aussie Home Loans chief executive John Symond said.
"When interest rates trend up, it gains the attention of people with mortgages," Mr Symond said.
"People are more conscious about their debt situation when the interest rate cycle heads up, and that's certainly been the case."
Increased debt awareness had probably been occurring for the past six months, he said.
"People are behaving a lot more prudently, cautiously, which is a good thing.
"Young couples are being forced to accept that times have changed because money was too free and easy.
"All that's changed, so it's now much more focused on caution, concern about rising rates, concern that they couldn't get our loan approved."
Warmer weather traditionally drew couples out to inspect homes in spring and summer, he said.
And taking time out gave couples a chance to focus on family affairs, particularly in an uncertain climate.
Mr Symond estimates Australia's major banks are knocking back one in five home loan applications.
He also said consumer debt was still a major problem.
"I'm concerned about consumer debt, particularly in an ageing population."
In the lead up to Valentines' Day, mortgage broker Mortgage Choice encouraged couples to talk about property co-ownership on the weekend.
"Focusing on a shared dream of property possession often helps couples get into the market sooner," a Mortgage Choice statement said.
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