A recent Genworth Homebuyer Confidence Index report stated that 80% of non-property owners consider it unrealistic to save 20% deposit for a home. This confirms that housing affordability and saving for a deposit remain the biggest barriers to home ownership.
Added to this finding is the fact that 70% of non-property owners also feel that owning their own home is unrealistic.
According to Bluebay Home Loans General Manager Gerry O’Donnell, these results further show the importance of developing affordable home loan options,
“With housing affordability such an issue, innovative home loan solutions addressing both affordability and borrowers deposit requirements are becoming more and more important. We have recognised this issue and have developed and continue to look to develop home loan solutions to assist in these areas.”
The good news from latest research is that overall homeowner sentiment is up over 7% in the last 3 months. Less homeowners are expecting mortgage stress in the coming 12 months with the cost of living the main concern of those homeowners surveyed.