Get notifications in real-time for staying up to date with content that matters to you.
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
Who do you aggregate through?
Thank you for your vote, you can see the results here.
Brokers cite refinancing as key profit driver
The vast majority of brokers believe that refinancing clients is ...
Mortgage-holders explore refinancing amid COVID-19
New research has revealed that the majority of mortgage-holders b...
Funding offered for SME financial wellbeing projects
A major bank’s investment vehicle is offering $150,000 to entre...
The number one magazine for mortgage brokers
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Receive breaking news direct to your inbox each day
