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The Mortgage Choice Home Loan Report, based on a nationally representative survey of 1,000 consumers and home loan data from Mortgage Choice, explores trends in home loans and the intentions of borrowers and prospective buyers.
Key hurdles for property buyers
The research revealed that Gen Z respondents faced the most significant challenges when buying property, with only 4 per cent stating they did not encounter any hurdles, compared to 34 per cent of Millennials, 57 per cent of Gen X and 70 per cent of Baby Boomers.
The hurdles mentioned included:
• Uncertainty about how to calculate or budget for additional costs (e.g. legal fees, inspections).
• Feeling unsure about how to negotiate or make an offer on a property.
• Confusion about the home-buying process, including specific terms like stamp duty or conveyancing.
• Struggling to compare or evaluate home loan offers effectively.
Mortgage Choice CEO Anthony Waldron said: “It’s understandable that Gen Z face the most hurdles when buying property given buyers in this age group are usually buying property for the first time.
“Purchasing a property can be a daunting process, especially for those who’ve never done it before, which is why it’s so important to speak to a mortgage broker early in the process.
“A broker will help buyers understand their borrowing capacity so they can refine their property search and bid at auction with confidence. And, when they’re ready to apply for a home loan, brokers will guide them through the process from application through to settlement.”
Housing issues top voters’ concerns
The report also explored the impact of housing-related issues on Australian voters.
Waldron noted: “As we wait for the next federal election to be called, the report research showed consistent trends regarding the importance of housing-related issues to Australian voters.”
Housing-related policies were rated as most important among respondents planning to buy, with 96 per cent highlighting housing as a key concern, up from 89 per cent last quarter.
The issues deemed most important by this group were housing affordability (56 per cent), increasing housing supply (37 per cent) and providing more support for first home buyers (35 per cent).
Waldron added: “Our survey reveals that the most important housing-related issue across generations is housing affordability.
“Following that, although it varied among the generations, increasing the supply of homes available, rent control or rent caps, and more support for first home buyers were among the highest-ranking issues.”
[RELATED: Aussies link home ownership to financial security]
