How do you compare to the 'average' first home buyer?

Mortgage Choice’s recent First Home Buyer Survey 2014 paints an interesting picture of the 'average' age and purchase choice of a first time buyer.

How do you compare to their average?

Here are nine points of comparison. Answer the questions below, then turn the page to see how your responses stacked up.

1. How old will you be when you buy that first home?
   
   
2. Who are you intending to buy with?
   
   
3. How will you finance it (what LVR, and will you have assistance)?
   
   
4. How long will you be saving for before buying?
   
   
5. How much of your after tax income do you save each month?
   
   
6. What type of property are you looking to buy?
   
   
7. Are you able to buy where you want to?
   
   
8. What are your biggest concerns about buying a home?
   
   
9. What are your key motivators behind purchasing?

Turn the page to see how you stack up.

1. How old will you be when you buy that first home?
   
   Of those surveyed by Mortgage Choice, 43.1% said they would be 30 to 39. A further 33.4% said 18 to 29. 16.9% said 40 to 49, while 6.6% said 50 plus.
   
   
2. Who are you intending to buy with?
   
   The majority, 65.6%, of first home buyers are looking to buy with their spouse or partner. A further 28.6% are buying alone, while a small minority are considering purchasing with colleagues, siblings or other family members.
   
   
3. How will you finance it (what loan to value ratio (LVR), and will you have assistance)?
   
   Most first home buyers are seeking a 6-10% deposit, with 28.9% pointing to this bracket, closely followed by 20.7% with a 5% deposit. 14% of respondents said they would opt for an 11-15% deposit and 14% of people a 16-20% deposit. Those contributing more than 20% totaled 16.3%. A minority looked to get their parent to act as guarantor.
   
   
4. How long will you be saving for before buying?
   
   The most common response was for a period of one to two years, with 43.1% answering with this option. A further 16% and 15.1% noted one to two years and two to three years respectively. Just 9.2% will save for zero to six months.
   
   
5. How much of your after tax income do you save each month?
   
   This is a close call. If you answered 10%, then you’re closest to the most common person surveyed, with 28.1% opting for the figure. However, 25.5% noted 20%, with 17.6% selecting 30%.
   
   
6. What type of property are you looking to buy?
   
   The majority are looking to purchase an established home (47.9%), while 17.1% are aiming for a newly built property. Those looking for land, or off the plan, remain in the minority.
   
   
7. Are you able to buy where you want to?
   
   The majority say… no, with 54.3% unable to do so. This is largely as a result of cost, with 88.8% of those respondents saying it’s out of their price range.
   
   
8. What are your biggest concerns about buying a home?
   
   First home buyers are most concerned about the commitment that comes with a large financial obligation (48.7%), while similar figures were for ‘The length of time it takes to pay off’ (46.2%) and ‘Not being able to afford repayments’ (45.2%). Around a third of those surveyed also noted that the amount of money they would have paid by the end of the loan term, not taking out the most suitable home loan and buying the wrong home are significant concerns.
   
   
9. What are your key motivations behind purchasing?
   
   The most common answer, with 53.3% of respondents opting for this, was to set themselves up financially. A total of 45.6% wanted a family home to raise their children in, while 33.1% of respondents also said that rising rents was making owning more attractive.
   
   Favourable market conditions and seeing more benefit in property than the share markets nabbed above 19% of respondents for each.