Financial Year Ends on High
Homebuyers are increasingly looking for alternative ways to buy a home without waiting to save up a 20% deposit, according to a new survey.
Finance provider Helia says more than 75% of all prospective home buyers have saved less than a 20% deposit as the costs of living make the traditional 20% deposit no longer realistic.
Its survey found that first-time home buyers are considering taking out Lender’s Mortgage Insurance (90%), asking their parents for help (45%), or using government borrowing schemes (48%).
Chief commercial officer of Helia, Greg McAweeney, says the number of first-time buyers considering paying Lender’s Mortgage Insurance has risen dramatically from when the survey was done last year and only 20% were considering it.
He says most prospective buyers are showing resilience in the face of the current market challenges and researching alternative ways to achieve their home ownership dreams.
Data released by the Australian Finance Group this week shows that brokers ended the financial year at a new high, with it recording $23.3 billion in mortgage finance in the last quarter.
Homebuyers are increasingly looking for alternative ways to buy a home without waiting to save up a 20% deposit, according to a new survey.
Finance provider Helia says more than 75% of all prospective home buyers have saved less than a 20% deposit as the costs of living make the traditional 20% deposit no longer realistic.
Its survey found that first-time home buyers are considering taking out Lender’s Mortgage Insurance (90%), asking their parents for help (45%), or using government borrowing schemes (48%).
Chief commercial officer of Helia, Greg McAweeney, says the number of first-time buyers considering paying Lender’s Mortgage Insurance has risen dramatically from when the survey was done last year and only 20% were considering it.
He says most prospective buyers are showing resilience in the face of the current market challenges and researching alternative ways to achieve their home ownership dreams.
Data released by the Australian Finance Group this week shows that brokers ended the financial year at a new high, with it recording $23.3 billion in mortgage finance in the last quarter.