First-home buyers need help in applying for a home loan more than any other part of the property process.
The latest research by Mortgage Choice One finds that 49% of FHBs say choosing a home loan is the number one area of the buying process where they need support
The survey confirms that taking out a home loan is a process shrouded in mystery for many first home buyers. Seven out of ten want more support when it comes to making decisions around financing a property purchase.
The survey revealed that the top five challenges first home buyers identified in securing a home loan include:
- 47% Understanding how the whole process works
- 46% Making sure they are getting the best deal possible
- 45% Making sure they qualify for the loan amount and property they want to buy
- 41% Establishing what they can afford to comfortably pay back
- 37% Understanding what (if any) government support they qualify for.
Susan Mitchell, CEO of Mortgage Choice, says: “Interest rates are at historic lows, which is great news for first home buyers. But the research suggests that the biggest challenge is not financial – it’s uncertainty about how the buying process works.“