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Mortgage products requiring little or no deposit look set to thrive because of Australian’s inability to save.
According to business information company Datamonitor, a large number of respondents in a survey of 2,000 Australians said that they had saved little or no deposit for a home loan.
Only 34 per cent of the respondents surveyed that had a mortgage saved a deposit of 20 per cent or more.
Moreover, 15 per cent of mortgagors had no deposit at all and a further eight per cent had a deposit of only five per cent or less.
The survey also found that 55 per cent of those without a mortgage did not expect to ever be able to purchase a home.
According to Datamonitor the main reasons for this was not being able to afford repayments, as well as high rental costs that make it difficult for many to save a deposit.
Published: 19-02-08
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