A new national survey of 1,017 Australians revealed that location affordability was the top property concern for most first home buyers who are trying to get a leg up in the property ladder.
Around 72 per cent of the respondents said that their top fear was their inability to afford their dream location. Coming in a close second was the fear of paying too much for a property—a fear shared by 70 per cent of the respondents.
Other concerns include ongoing maintenance costs, saving for a deposit, property values going down after they buy, personal sacrifices from buying a home, qualifying for a home loan, buying in the wrong location, meeting ongoing repayments, committing to staying on the same property, and buying the wrong property type.
The respondents were also asked about when they are planning to enter the market and how they are anticipating to financially close the gap. Despite the rising property prices, only 33 per cent said that they need financial help from their parents, whether in the form of deposit assistance, taking them on as a guarantor, or accepting them as a landlord during the repayment interim.
Around 64 per cent of the respondents said that they are looking for residential property, as opposed to 35 per cent who want to get an investment property. Similarly, 65 per cent said that they are planning to buy with their partner rather than fly solo.
It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan