Home loan applications from single women rising, but the property market gender gap persists
All the single ladies (all the single ladies) are getting into the Australian property market.
While single men are still more likely to put their hands up for bigger home loans at a younger age, new analysis from ME Bank reveals that single women tied men 50-50 when it came to buying property last year.
The percentage of single women applying for home loans increased by 1% in 2021; the rise also brought up the average loan size for single women to $411,752.
By comparison, single men applied for an average home loan value of $449,273 last year – an increase of 6% – while their percentage of new applications decreased by 1%. This put single men and women pretty neck and neck overall.
So surely this means gender is no longer a barrier to buying property, right? (Yeah okay, ladies, stop giggling, we know. But it’s Women’s History Month, so let’s look into it, anyway).
Closing the gender gap in the property market
2021 may have been a great year for single women buying home loans, but surging Australian house prices appear to have worsened the property gender gap, overall. Bummer. (We can still dance to “Independent Woman”, though).
There are a few reasons overall why it’s harder for women to break into property than men. Chiefly, the gender pay gap worsened in 2021, climbing from 13.4% in November 2020 to 13.8% in November 2021.
Devaluing women’s work and job opportunities primarily fuels this disparity, but the end result means that it’s harder for women to save up for that 10-20% housing deposit than it is for men – especially now that house prices have well and truly outpaced wage growth.
There’s a lot of equity wrapped up in owning property, too. According to Corelogic , men own 36.4% of all investment properties, while women only own 29.1%. So with Australian housing affordability crashing , many women find themselves locked out from a huge source of wealth and security.
Let’s not forget that historical sexism isn’t that far behind us, either. Married white women only effectively gained the right to own property Australia-wide in 1897, while progress moved at an even more glacial pace for women of colour. To put things in perspective: we’ve had batteries, light bulbs, and stainless steel longer than property rights for women.
Considering all that drag, the hustle has been impressive. But there’s still some ground to make up before women achieve full economic equality.
Tips for single home buyers in the property market
For solo Australians hoping to get a foot in the door, there are a few strategies you can consider to boost your chances of buying your first home.
- Firstly is co-buying, which means purchasing a property with a family member or friend.
- You could also consider bringing on board a guarantor, who puts their own property up as collateral. This makes you a more attractive investment for lenders, since there’s someone mitigating your risk.
- You could also become a “rentvestor ”, or an investor who owns property but lives in a rental home. This way, the rental income and potential tax breaks gives you a cushion along your road to home ownership.
- Renting to buy is another compelling – if unusual – option for prospective home buyers. The government is currently exploring new rent-to-buy solutions for at-risk and vulnerable women , too, so help may be on its way for those who need it most.
Systemic inequality doesn’t mean it’s hopeless, especially if you’re single. In fact, the National Housing Finance & Investment Corp (NHFIC) predicts single households will become a significant Australian demographic in the next ten years – led by an increase in older single women homeowners.
In the meantime, check out our guide to saving for a home loan deposit, or compare the best home loans on offer to get the ball rolling.
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Unloan Variable
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5.99
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5.90
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$2,995
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5.99
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5.90
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$0
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$0.00
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$0.00
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yes - free
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yes - free
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no
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Fixed Express Home Loan
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- Interest rate
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5.99
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- Comparison rate
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6.14
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- Initial monthly repayment
-
$2,995
Lock in a low 2 year fixed rate with the Mozo award winning Home Lender of the Year. Available for live-in borrowers with just a 10% deposit required. Free extra repayments (up to 20% in fixed period), free redraw and partial offset available. $10 monthly service fee. Aussie support centre. Fast approvals. Up to 6 free offset accounts (T&Cs apply).
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5.99
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Fixed 2 years
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6.14
%
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- Upfront fees
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$134
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$10.00 monthly
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$350.00
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yes - up to 20% during the fixed period
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yes - free
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yes - partial only
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3 Year Special Fixed Home Loan
- Owner Occupier
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- Interest rate
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5.69
%
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Fixed 3 years
- Comparison rate
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6.16
%
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- Initial monthly repayment
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$2,899
This home loan is available for purchase or refinance, complete with 1, 2 or 3 year fixed rate options. Minimum 10% deposit required.
- Interest rate
-
5.69
%
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Fixed 3 years
- Comparison rate
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6.16
%
p.a.
- Upfront fees
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$530
- Ongoing fees
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$0.00
- Discharge fee
-
$0.00
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-
yes - free up to $10,000 p.a.
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no
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no
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Basic Home Loan
- Fixed
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5.59
%
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Fixed 3 years
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6.01
%
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- Initial monthly repayment
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$2,867
No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.
- Interest rate
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5.59
%
p.a.
Fixed 3 years
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6.01
%
p.a.
- Upfront fees
-
$350
- Ongoing fees
-
$0.00
- Discharge fee
-
$400.00
- Extra repayments
-
yes - up to $10,000 p.a.
- Redraw facility
-
yes - free
- Offset account
-
no
- Maximum loan to value ratio
- 70.00%
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- $150,000
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- $10,000,000
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- Fixed
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- Owner Occupier
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Offset Home Loan
- Fixed
- Owner Occupier
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- LVR <70%
- Interest rate
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5.59
%
p.a.
Fixed 3 years
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6.24
%
p.a.
- Initial monthly repayment
-
$2,867
Convenient offset account. No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.
- Interest rate
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5.59
%
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Fixed 3 years
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6.24
%
p.a.
- Upfront fees
-
$350
- Ongoing fees
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$248.00 yearly
- Discharge fee
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$400.00
- Extra repayments
-
yes - up to $10,000 p.a.
- Redraw facility
-
yes - free
- Offset account
-
yes
- Maximum loan to value ratio
- 70.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- $10,000,000
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- Fixed
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3 Year Special Fixed Home Loan
- Owner Occupier
- Principal & Interest
- Interest rate
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5.69
%
p.a.
Fixed 3 years
- Comparison rate
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6.16
%
p.a.
- Initial monthly repayment
-
$2,899
This home loan is available for purchase or refinance, complete with 1, 2 or 3 year fixed rate options. Minimum 10% deposit required.
- Interest rate
-
5.69
%
p.a.
Fixed 3 years
- Comparison rate
-
6.16
%
p.a.
- Upfront fees
-
$530
- Ongoing fees
-
$0.00
- Discharge fee
-
$0.00
- Extra repayments
-
yes - free up to $10,000 p.a.
- Redraw facility
-
no
- Offset account
-
no
- Maximum loan to value ratio
- 90.00%
- Minimum borrowing amount
- $50,000
- Maximum borrowing amount
- $1,000,000
- Type of mortgage
- Fixed
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- Principal & Interest
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- Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about this loans.com.au 3 Year Special Fixed Home Loan
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Unloan Variable
- Owner Occupier
- LVR <80%
- Interest rate
-
5.99
%
p.a.
Variable
- Comparison rate
-
5.90
%
p.a.
- Initial monthly repayment
-
$2,995
Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.
- Interest rate
-
5.99
%
p.a.
Variable
- Comparison rate
-
5.90
%
p.a.
- Upfront fees
-
$0
- Ongoing fees
-
$0.00
- Discharge fee
-
$0.00
- Extra repayments
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yes - free
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-
yes - free
- Offset account
-
no
- Maximum loan to value ratio
- 80.00%
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- $10,000
- Maximum borrowing amount
- $10,000,000
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- Variable
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- Principal & Interest
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- Owner Occupier
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Read our Mozo Review to learn more about this Unloan Unloan Variable
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Simple Home Loan Variable
- Owner-Occupied
- Principal and Interest
- LVR<60%
- Interest rate
-
5.99
%
p.a.
Variable
- Comparison rate
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5.99
%
p.a.
- Initial monthly repayment
-
$2,995
Enjoy a low variable rate with no application, ongoing or monthly fees to pay. Access your money via internet banking at any time with free redraws. Make additional repayments at any time. Available for owner occupied, investment and interest only repayments.
- Interest rate
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5.99
%
p.a.
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- Comparison rate
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5.99
%
p.a.
- Upfront fees
-
$0
- Ongoing fees
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$0.00
- Discharge fee
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$175.00
- Extra repayments
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yes - free
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-
yes - free
- Offset account
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no
- Maximum loan to value ratio
- 60.00%
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- $150,000
- Maximum borrowing amount
- $3,500,000
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- Variable
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- Principal & Interest
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Read our Mozo Review to learn more about this First Option Bank Simple Home Loan Variable
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Fixed Express Home Loan
- Owner Occupier
- Principal & Interest
- Interest rate
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5.99
%
p.a.
Fixed 2 years
- Comparison rate
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6.14
%
p.a.
- Initial monthly repayment
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$2,995
Lock in a low 2 year fixed rate with the Mozo award winning Home Lender of the Year. Available for live-in borrowers with just a 10% deposit required. Free extra repayments (up to 20% in fixed period), free redraw and partial offset available. $10 monthly service fee. Aussie support centre. Fast approvals. Up to 6 free offset accounts (T&Cs apply).
- Interest rate
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5.99
%
p.a.
Fixed 2 years
- Comparison rate
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6.14
%
p.a.
- Upfront fees
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$134
- Ongoing fees
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$10.00 monthly
- Discharge fee
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$350.00
- Extra repayments
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yes - up to 20% during the fixed period
- Redraw facility
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yes - free
- Offset account
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yes - partial only
- Maximum loan to value ratio
- 90.00%
- Minimum borrowing amount
- $5,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Fixed
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- Owner Occupier
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Read our Mozo Review to learn more about this Bendigo Bank Fixed Express Home Loan
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Basic Home Loan
- Owner Occupier
- LVR<60%
- Principal & Interest
- Interest rate
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6.14
%
p.a.
Variable
- Comparison rate
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6.16
%
p.a.
- Initial monthly repayment
-
$3,043
Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.
- Interest rate
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6.14
%
p.a.
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- Comparison rate
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6.16
%
p.a.
- Upfront fees
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$350
- Ongoing fees
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$0.00
- Discharge fee
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$400.00
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Offset account
-
no
- Maximum loan to value ratio
- 60.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Variable
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Read our Mozo Review to learn more about this Macquarie Basic Home Loan
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Offset Home Loan
- Owner Occupier
- LVR<60%
- Principal & Interest
- Interest rate
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6.14
%
p.a.
Variable
- Comparison rate
-
6.39
%
p.a.
- Initial monthly repayment
-
$3,043
Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.
- Interest rate
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6.14
%
p.a.
Variable
- Comparison rate
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6.39
%
p.a.
- Upfront fees
-
$350
- Ongoing fees
-
$248.00 yearly
- Discharge fee
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$400.00
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Offset account
-
yes
- Maximum loan to value ratio
- 60.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Variable
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Fixed Rate
- Owner Occupier
- Principal & Interest
- <80% LVR
- Interest rate
-
6.54
%
p.a.
Fixed 2 years
- Comparison rate
-
7.10
%
p.a.
- Initial monthly repayment
-
$3,174
Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.
- Interest rate
-
6.54
%
p.a.
Fixed 2 years
- Comparison rate
-
7.10
%
p.a.
- Upfront fees
-
$160
- Ongoing fees
-
$0.00
- Discharge fee
-
$160.00
- Extra repayments
-
yes - free up to to lesser of 5% of original fixed loan amount, or $5,000 each year
- Redraw facility
-
no
- Offset account
-
Optional - $10 per month - 1 year fixed term only
- Maximum loan to value ratio
- 80.00%
- Minimum borrowing amount
- $20,000
- Maximum borrowing amount
- -
- Type of mortgage
- Fixed
- Repayment types
- Principal & Interest
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- $3,000 cashback for eligible First Home Buyers borrowing $250k+, $2,000 cashback when you refinance loans of $250k+, <80% LVR, settle within 180 days for first home buyers, 120 days for refinances. Excludes refinances from ANZ, ANZ Plus and Suncorp.
Read our Mozo Review to learn more about this ANZ Fixed Rate
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