More same-sex home borrowers in the property market, according to Aussie
16 Nov 2018
The number of same-sex couples buying homes together with joint mortgages is on the rise, according to Aussie Home Loans, particularly among female couples.
The data showed that female partners are more likely than men to take out a joint loan, with the number of loans taken out by women growing from 50% of all same-sex joint loans in 2014, to 55%.
Aussie CEO James Symond has predicted that the number of same-sex loans will continue to grow in light of recent developments in favour of same-sex marriage.
“We are delighted to be providing more loans to same-sex joint applicants, whether they are couples or singles partnering up,” he said.
“I expect to see significant growth from these customers for years to come thanks to the legislation of same-sex marriage.”
The research found that about half (45% female, 59% male) of the same-sex partners with a joint loan were married or in a defacto relationship, the other half Symond suggests could be “savvy singles - and in particular women - who are looking to join forces to get a foot on the property ladder.”
Another finding from the data was that the top Australian suburbs for these home-buying couples were all within NSW and Victoria.
“Melbourne’s Yarraville, Craigieburn and Brunswick are Australia’s top three suburbs for joint female loans while Sydney’s Redfern, Surry Hills and Newtown are the most popular for joint male loans,” Symonds said.
RELATED: All big 4 banks hike home loan rates - is now a good time to refinance?
According to the research, the average age of these borrowers was 41 years old for women, and 38 for men. Also notable is the gap between average loan sizes, where male couples borrow more than their female counterparts, with an average loan size of $337,182 for men, and $316,405 for women.
Symond noted the clear disparity between men and women in the property market, which he put down to the pay gap between genders.
“Our data shows the average individual income for single male customers is 17 per cent higher than single females, and 12 per cent higher for joint same-sex customers,” he said.
“That’s not an insignificant amount, and could ultimately be the cause of women’s delayed entry into property.”
Buying a home as a couple is a big step - one that you need to be prepared for. Our first home buyers guide will help answer any questions you may have, and when you’re ready, head over to our home loan comparison tables to compare low rates and handy features, or check out some great options below.
Find a home loan - rates updated daily
-
Promoted
loans.com.au3.03% p.a. variable
3.05% p.a.
$1234
Product details Close detailsloans.com.auSmart Home Loan
Owner Occupier, Principal & Interest
3.03% p.a. variable
3.05% p.a.
A low-rate home loan that could save you thousands. No application or ongoing fees. Unlimited additional repayments. Unlimited free redraws with no minimum redraw amount.
Smart Home Loan
A low-rate home loan that could save you thousands. No application or ongoing fees. Unlimited additional repayments. Unlimited free redraws with no minimum redraw amount.
-
3.03% p.a. variable
-
3.05% p.a.
-
$520
-
$0.00
-
$0.00
-
yes - free
-
yes - free
-
no
-
80.00%
-
$50,000
-
$1,000,000
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
Read our Mozo Review to learn more about the Smart Home Loan
-
-
Promoted
Bank of Queensland2.99% p.a.
fixed 3 years4.09% p.a.
$1234
Product details Close detailsBank of Queensland3 Year Discount Fixed Rate
Owner Occupier, Principal & Interest
2.99% p.a.
fixed 3 years4.09% p.a.
Apply by 31 August 2019. Minimum loan amount of $300k and LVR max of 80%. Free additional repayments up to $5,000 per year. $1,000 cashback for first home buyers
3 Year Discount Fixed Rate
Apply by 31 August 2019. Minimum loan amount of $300k and LVR max of 80%. Free additional repayments up to $5,000 per year. $1,000 cashback for first home buyers
-
2.99% p.a.
fixed 3 years -
4.09% p.a.
-
$450
-
$10.00 monthly
-
$320.00
-
yes - free up to $5,000 p.a
-
no
-
no
-
80.00%
-
$300,000
-
-
-
Fixed
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
Read our Mozo Review to learn more about the 3 Year Discount Fixed Rate
-
-
Featured Product
ME3.39% p.a. variable
3.83% p.a.
$1234
Product details Close detailsMEFlexible Home Loan Member Package
Owner Occupier, LVR<80%, Principal & Interest
3.39% p.a. variable
3.83% p.a.
A flexible Home Loan with Member Package for Owner Occupiers including a low rate, redraw and offset. Annual fee $395.
Flexible Home Loan Member Package
A flexible Home Loan with Member Package for Owner Occupiers including a low rate, redraw and offset. Annual fee $395.
-
3.39% p.a. variable
-
3.83% p.a.
-
$200
-
$395.00 yearly
-
$350.00
-
yes - free
-
yes - free
-
yes
-
80.00%
-
$400,000
-
$699,999
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
Read our Mozo Review to learn more about the Flexible Home Loan
-
-
Promoted
HSBC
3.27% p.a. variable
3.28% p.a.
$1234
Product details Close detailsHSBC Discounted Home Value Loan
Owner Occupier, Principal & Interest
3.27% p.a. variable
3.28% p.a.
Enjoy unlimited free extra repayments and no ongoing service fees when you apply by 31 July (t&cs apply). Get help with the application process with an HSBC relationship manager. Winner of a Mozo Experts Choice Award 2019 in the Low Cost Home Loan category.^
Discounted Home Value Loan
Enjoy unlimited free extra repayments and no ongoing service fees when you apply by 31 July (t&cs apply). Get help with the application process with an HSBC relationship manager. Winner of a Mozo Experts Choice Award 2019 in the Low Cost Home Loan category.^
-
3.27% p.a. variable
-
3.28% p.a.
-
$150
-
$0.00
-
$300.00
-
yes - free
-
yes - free online
-
no
-
90.00%
-
$50,000
-
$7,500,000
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
Read our Mozo Review to learn more about the Discounted Home Value Loan
-
-
Promoted
UBank 3.34% p.a. variable
3.34% p.a.
$1234
Product details Close detailsUBank UHomeLoan - Discount Offer
Owner Occupier, Principal & Interest
3.34% p.a. variable
3.34% p.a.
Enjoy a low rate & no bank fees (on variable loans) from one of Australia's leading digital banks. Easy & fast to apply, you'll get free redraw with flexible repayments. Min. 20% deposit required. Winner of a Mozo Experts Choice Award 2019 in the Low Cost Home Loan category.
UHomeLoan - Discount Offer
Enjoy a low rate & no bank fees (on variable loans) from one of Australia's leading digital banks. Easy & fast to apply, you'll get free redraw with flexible repayments. Min. 20% deposit required. Winner of a Mozo Experts Choice Award 2019 in the Low Cost Home Loan category.
-
3.34% p.a. variable
-
3.34% p.a.
-
$0
-
$0.00
-
$0.00
-
yes - free
-
yes
-
no
-
80.00%
-
$200,000
-
-
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
Read our Mozo Review to learn more about the UHomeLoan - Discount Offer
-
Mozo may receive advertising fees from the financial institutions, issuers of financial or credit products and third party advice providers that are shown on this page. These fees are based on a cost per click, cost per acquisition, or a fixed fee.
