Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Gen Y’s struggle in quest for home ownership

Staff Reporter 1 minute read

The propensity of Gen Y to hop from job to job could be stopping them from owning their own home.

According to data collected by Loan Market Group, more than one in 10 mortgage applications from the Generation Y age group failed to pass job stability requirements in the six month period leading up to the loan request.

The mortgage brokerage’s chief operating officer Dean Rushton said while it was common practice for young professionals to have a certain amount of job mobility, the banks did not always approve.

"Where a deposit of less than 20 per cent is available, most lenders require their applicants to have been employed for at least 12 months with their current employer or have been continuously employed in the same industry for at least 24 months," Mr Rushton said.

"So while it is not impossible for job-hopping Gen Y’s to get a loan, it is certainly more difficult."

Gen Y’s struggle in quest for home ownership
default
TheAdviser logo

The not-to-be-missed Accountants Daily Strategy Day will travel through Melbourne and Sydney in August to equip accounting professionals with the latest industry updates and tips for modern practice management as well as the latest cutting-edge technology, processes, strategies and trends shaping the future of accounting. Visit the website for more information: www.accountantsdaily.com.au/strategy-day

default

 

more from the adviser
damian zaleski RYyr k3Ysqg unsplash

Breaking News

GetCapital launches broker platform

The business lender has rolled out a new broker platform, as it h...

fixed rate

Breaking News

Loyalty tax issue flagged to MPs

Brokers are key to holding lenders to account to ensure borrowers...

trade deal contract

Breaking News

Connective launches trail book marketplace

The aggregation group has announced a new arrangement with a spec...