Almost 50% new buyers concerned about affording repayments: Mortgage Choice

Jennifer DukeDecember 7, 2020

The length of time to pay off a mortgage and the ability to afford repayments are big concerns for many first homebuyers, with 48% citing that they are anxious over this length of time in a new Mortgage Choice survey.

This number was up from 44% in 2012, and similarly 47%, up from 46% last year, are concerned about not being able to afford repayments.

The 2013 Mortgage Choice Future First Homebuyer Survey saw that some respondents were happy to delay different aspects of their life for homeownership. For instance, 60% said they would be willing to miss a holiday, 24% said they are happy to delay having children, while 19.4% said they would move back in with parents.

"Making sure you get the right home loan for you and your needs is extremely important. A mortgage broker can do the leg work for you by thoroughly researching the market, helping you get the most suitable loan for your circumstances," said Mortgage Choice spokesperson, Jessica Darnbrough.

"The combination of historically low rates and competitive offerings from Australia's lenders is extremely appealing for anyone considering purchasing property in the near future. By looking at your purchasing options now, you may be able to get ahead of the speculative rising property prices, and secure a good deal."

The study surveyed more than 1,000 Australians.

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

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