It takes most first home buyers longer than a full working week to house hunt and apply for finance for their ‘dream’ property, according to new research.
The 2020 St George Home Buying Survey found that it takes first-home buyers an average of 44 hours to research properties, hone in on one they like, and begin the home-buying process – including applying for a mortgage.
Why does it take that long?
Eight in ten people surveyed said they found the application process for a home loan time consuming and inconvenient.
What are they finding difficult about it? Well, more than half said they were ‘pained’ by the overall amount of information they need to process.
The other main hurdles facing home buyers included:
– Understanding what was involved (73% of people surveyed)
– Learning about the housing market (71%)
– Working out their financials (64%).
How we can help cut down that time
We go through this on a daily basis so we can help make the process a whole lot less time consuming, confusing and inconvenient for you.
We can help you understand what’s involved and help you work out your financial hurdles.
Don’t forget government assistance
On a related note, it’s worth noting that the federal government’s First Home Loan Deposit Scheme, which started on January 1, still has most of its 5,000 non-major lender scheme places available.
The scheme can allow first home buyers to purchase a property with a deposit of 5% without having to pay Lenders Mortgage Insurance (LMI).
To find out more, get in touch. We’re more than happy to run you through the scheme and how it may help you crack into the property market sooner.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.