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Mortgage brokers popular with first home buyers

Staff Reporter 3 minute read

Mortgage brokers are close to the banks as the favoured first point of contact for mortgage advice for first time buyers, according to a recent Mortgage Choice survey.

The 2008 Mortgage Choice First Homebuyers Survey revealed that 25 per cent of home buyers  favoured a lender as the first point of contact – only marginally ahead of mortgage brokers at 20 per cent, and parents also at 20 per cent.

The survey also found that first homebuyers are still motivated to buy property, with 91 per cent of respondents prepared to make various sacrifices to purchase a home.

However, less positive findings revealed that more than a third of first home buyers expected to be over forty before they purchase their first home.

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Kristy Sheppard, Mortgage Choice media support manager, said people could be delaying home ownership in order to concentrate on other life goals.

“The fact that the number of people planning to sacrifice is slightly down on last year’s figures might indicate a decision to simply take longer to buy rather than cut back on life’s pleasures,” she said.

Published: 06-08-08

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Affordability worsens for first home buyers; 22-05-08


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