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More than six in 10 Australian borrowers have had to join forces with another person to buy their first property, a survey by St George Bank has found.
The study revealed that 66 per cent of respondents teamed up with either a partner, family member or friend to be able to afford their home.
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“Two incomes are better than one so it seems logical for buyers to team up with others if affordability is an issue,” St George retail banking general manager Ross Miller said.
“By purchasing with your partner, family or friend, you can make buying a house a lot more affordable and share the costs, including stamp duty and valuation fees.”
When it came to choosing a property, 57 per cent ranked evaluating what properties provide good value as the most difficult process, followed by which suburb to buy in (47 per cent) and working out their affordability (42 per cent).
Meanwhile, 73.6 per cent of first home buyers surveyed have found the property they wanted, while those who didn’t have had to compromise on the location (49.8 per cent), price (45.7 per cent) and overall space and size (45.3 per cent).
The majority of those surveyed agreed that now is an ideal time to get their foot on the property ladder, with 76 per cent saying it took six months or less to find their home compared to 8 per cent who took more than 12 months.
[Related: Home loan customers caught in 'mortgage minefield']
