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MFAA Prosper : Mortgage and Finance Brief 08
Home improvements gen ys tighten belts to enter property market The latest Bankwest/MFAA Home Finance Index was released last month, and included some interesting results... The findings: • 34% of potential first-home buyers are saving at least 20% of their take-home pay. • 59% are changing their saving behaviour in an attempt to get on the property ladder. • 32% of potential first-home buyers are worried about job security (down from 41% in July 2010). • 64% of potential first-home buyers feel they will buy a property 'one day'. • 73% are worried about the level of debt to which they’d be committing. The exper ts say... “First-buyer intention in the real estate market is being spurred by a flattening in house prices, coupled with steadier interest rates and competitive mortgage deals,” said Phil Naylor, CEO, MFA A. “The national savings rate has pushed through 10%, and it seems Gen Ys putting money aside for a home deposit is part of this trend. However, it might be a while yet before these extra savings lead to the level of first-time buyer activity seen in 2009,” said Ian Rakhit, Head of Specialist Banking, Bankwest. growth potential for brokers as investor activity increases The findings: • 38% of people expect higher property prices in the coming quarter (down from 79% last year). • 46% of Victorians anticipate higher prices, while only 22% of Queenslanders predict a property price rise. • 77% of investors feel it is a good time to purchase an investment property. The experts say... “ The fact that households no longer see their financial situation going backwards is an important development for the housing and mortgage market,” said Phil Naylor, CEO, MFA A. “Australians are clearly approaching the property market from a pragmatic viewpoint,” said Ian Rakhit, Head of Specialist Banking, Bankwest. Property prices subdued short term, but investors positive The findings: • 36% of people understand the benefits of a mortgage broker (up from 27% last year, an increase of 9%). • 67% of people say the biggest benefit of using a mortgage broker was “getting the best deal”. The exper ts say... “W ith increasing activity in the investor community, mortgage brokers have a tremendous opportunity to articulate a compelling value proposition based on convenience and choice,” said Phil Naylor, CEO, MFA A. “The broker channel has a clear opportunity during 2011 as home buyers search for value in terms of property prices and also mortgage products. Upgraders and investors should be on brokers’ radar screens this year,” said Ian Rakhit, Head of Specialist Lending, Bankwest. 36% of people understand the benefits of a mortgage broker are changing their saving behaviour in an attempt to get on the property ladder 59% 77% of investors feelitisa good time to purchase an investment property 20 | Mor tgage & Finance brief news
Mortgage and Finance Brief 07
Mortgage and Finance Brief 09