By: Mortgage Choice
Determination – and a sensible approach to money matters – is driving high rates of home ownership among women.
A recent Mortgage Choice/CoreData white paper on financial fitness has confirmed the strong connection many women feel with home ownership.
The research found that almost one in two (45%) Australian women are already home owners, with a further one in four saving to buy a home. Highlighting the appeal of property, 10% of women own an investment property and 15% are saving to buy a rental place.
What’s especially interesting about the survey results is that over 40% of female respondents were either single, separated or divorced, which underlines that it is possible for women to get into the property market on their own.
The study addressed the steps women have taken to become property owners, and these insights could be just the inspiration other women need to achieve their goal of home ownership.
Regular saving
The majority of women (50.6%) took three years or less to save for their home. And most achieved this through hard saving. Four out of ten regularly saved over 10% of their pay packet to grow a deposit.
Modest lifestyle changes
The study reveals that women can be more willing than men to make a few sacrifices in order to buy a home.
As the table below illustrates, building a deposit for a home can see women explore a variety of options.
|
Steps being taken right now to save for a home |
||
|
|
Women |
Men |
|
Cut down on shopping |
62% |
51% |
|
Cut down on travelling |
52% |
37% |
|
Cut down on eating out |
57% |
52% |
|
Get an extra job |
17% |
11% |
|
Move back in with parents |
16% |
9% |
|
Source: Mortgage Choice/CoreData Financial Fitness survey 2019 |
||
Exploring co-ownership
Women consider a range of options to buy a home. Over half own jointly with their spouse or partner. However, a high proportion – almost one in four, purchased in their name only. Others co-own with family or friends.
Expert advice securing a home loan
Among both men and women, over one in three turned to a mortgage broker for help with their home loan. However, the motivation for using a broker differs between the sexes.
One in four women relied on their broker for expert advice compared to 14% of men. Men (32%) are twice as likely as women (15%) to see a broker in the hope of getting a better deal. On the other hand, one in five women like the greater choice of loans that a broker offers compared to 10% of men.
Whatever, the motivation, over 80% of men and women agreed that their broker helped secure a competitive deal.
The bottom line is that women have what it takes to become a home owner. Getting into the property market doesn’t hinge on having the back-up of a spouse or partner. But it can mean taking a planned approach and exploring a variety of different strategies.
To download the full Financial Fitness report, follow the link below:
https://www.mortgagechoice.com.au/about-us/insights/financial-fitness-whitepaper-2019/
If you’d like help finding your ideal property with a buyers agent by your side, click here:
or
call us on 1300 655 615 today.
