Women are more eager than men to climb the property ladder and seek the services of a mortgage broker, according to a new survey.
Women are more likely to seek professional help when buying property compared to their male counterparts, with more than half choosing to engage the services of a mortgage broker, according to a new survey.
Mortgage Choice’s Property Ownership Survey has revealed that 53 per cent of women are choosing to consult with a mortgage broker to gain a competitive deal on their home loan, compared with 36 per cent of men.
Speaking about the survey findings, Mortgage Choice CEO Susan Mitchell said: “It is important not to underestimate the value of guidance from a qualified professional when it comes to making financial decisions and this is particularly relevant when it comes to home buying.”
The survey, which was conducted by CoreData and asked over 1,000 Australians about their attitudes and behaviours towards home ownership, also showed younger women are more eager to enter the property market compared to men in the same age group.
Moreover, the survey found that 30 per cent of women said they felt more optimistic about buying property, while only 20 per cent of men in the same age group felt it was achievable.
Over 30 per cent of women have bought, or will likely buy, a property on their own, which has increased from just over 25 per cent last year.
“We have seen a shift over the past year, with women feeling more empowered to enter the property market solo,” Ms Mitchell noted.
Furthermore, the survey showed 56 per cent of women are currently aiming to save for a home deposit, compared with 45 per cent of men.
Another finding was that women are seeking financial stability through property ownership, with 44 per cent choosing to buy property to stop the rent cycle, compared with 32 per cent of men.
“The data shows us that women are taking more ownership over their financial future by making the decision to invest in property,” Ms Mitchell said.
“While the survey provides positive insights into the state of mind of female home buyers, the reality is that women still face more obstacles than men when it comes to realising their financial goals.
“The Workplace Gender Equality Agency reveals that while there has been some improvement, there is still a 13.9 per cent full-time gender pay gap,” she said.
Ms Mitchell advised those who have decided to buy solo must conduct as much research as possible to ensure they are making an informed decision, and that they have a comprehensive financial plan in place so they do not stretch themselves beyond their means.
“Single buyers should have a contingency plan in place to protect themselves if they are unable to make their home loan repayments as they may not have the financial support from a partner if the unexpected happens,” she concluded.
[Related: Women more likely to own a home than men]
Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.
Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.
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