Lack of a deposit – not interest rate movements – is hurting first homebuyers.
A survey by Loan Market has found interest rates were the single least influential factor in whether first homebuyers chose to enter the property market.
Saving for a deposit has proven the most common hurdle for first homebuyers. Fifty-two per cent of respondents said a lack of genuine savings is proving the biggest barrier to potential buyers.
“While it has been well documented that Australian consumers have been prioritising savings, this has been hard for the first homebuyers,” a Loan Market spokesman said.
Source: Broker News
