Same sex home loans on the rise: Aussie Home Loans

Same sex home loans on the rise: Aussie Home Loans
Same sex home loans on the rise: Aussie Home Loans

The number of same sex home loans are on the rise, according to new data from mortgage broker Aussie Home Loans.

The research shows that women are more likely than men to partner up to buy a home. Female couples made up 55 percent of same-sex joint loans taken out in FY18, up from 50 percent in FY14.

There has also been a gradual increase in the number of single female loans compared with single male loans.

Inner-west suburbs of Melbourne and Sydney are the most popular for same-sex couples.

New South Wales is the most popular among male couples, with six of the top nine suburbs coming from the Harbour capital.

Redfern, Surry Hills and Erskineville are the most popular areas for male couples in New South Wales. In Melbourne Footscray, Prahran and Coburg are the most popular.

It's the opposite for female same-sex loans. The most popular areas in Melbourne, who have the six most popular suburbs to Sydney's three.

They're looking at property in Brunswick, Craigieburn and Yarraville, while Randwick, Stanmore and Marrickville are the most popular in inner Sydney.

James Symond, CEO of Aussie Home Loans, said he expects to see significant growth from same-sex loans.

“We are delighted to be providing more loans to same-sex joint applicants, whether they are couples or singles partnering up," he said.

"I expect to see significant growth from these customers for years to come thanks to the legalisation of same-sex marriage and savvy singles - and in particular women - who are looking to join forces to get a foot on the property ladder.

“No matter if you are single, a couple or buying with a friend, nothing beats a quality, face-to-face conversation when you are talking about a big commitment like a home loan.

"There’s a bit of doom and gloom out there about how difficult it can be, but we think it’s better with a broker. So don’t assume buying a property is a million miles away – it could be closer than you think.

“In fact, I’m so confident an appointment with an Aussie Broker will be time well spent, I guarantee it. If, after meeting with one of our brokers, a customer does not think it was worth their while, $100 is theirs*,” he added. 

Aussie data also reveals that all female home loans (single and joint same-sex) are settled at an average age of 41 years, compared to 38 years for all male loans. The average age for joint mixed gender loan customers is 40 years. 

Men consistently borrow more than women, with single and joint male loan sizes averaging $293,619 and $337,182 respectively, compared to $262,591 and $316,405 for single and same-sex females.

 “There is unfortunately a clear disparity between men and women in home loans, which I believe can be linked back to a persistent income gap," Symond said.

“Our data shows the average individual income for single male customers is 17 per cent higher than single females, and 12 per cent higher for joint same-sex customers.

"That’s not an insignificant amount, and could ultimately be the cause of women’s delayed entry into property.”


Joel Robinson

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

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