More same-sex home borrowers in the property market, according to Aussie

Monika Gudova   |   16 Nov 2018

redactor/hero-images/466/people-women-couple_with_laptop_on_couch_content.jpg

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

  • Essentials Variable 80

    Owner Occupier, Principal & Interest

    3.64% p.a. variable

    3.66% p.a.

    A low-rate home loan that could save you thousands. No monthly or ongoing fees. Unlimited additional repayments. Unlimited free redraws with no minimum redraw amount

    • 3.64% p.a. variable

    • 3.66% p.a.

    • $520

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • 80.00%

    • $50,000

    • $2,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Details Close

  • Discounted Home Value Loan

    Owner Occupier, Principal & Interest

    3.59% p.a. variable

    3.61% p.a.

    Discounted rate for the life of the loan. A relationship manager to help you through the application process.

    • 3.59% p.a. variable

    • 3.61% 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

    Details Close

  • Well Balanced

    Owner Occupier, Principal & Interest, LVR <80%

    3.49% p.a. variable

    3.53% p.a.

    Well Balanced home loan is a low rate home loan with free online redraw and no valuation fee. Purchase, Refinance or Equity Release purposes allowed.

    • 3.49% p.a. variable

    • 3.53% p.a.

    • $600

    • $0.00

    • $300.00

    • yes - free

    • yes - free

    • yes - $10/month

    • 80.00%

    • $10,000

    • $2,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Details Close

  • Low Rate Home Loan with Offset

    LVR<80%, Owner Occupier, Principal & Interest

    3.68% p.a. variable

    3.69% p.a.

    A Low Rate Home Loan with a $0 Application Fee, Free Redraws & Extra Repayments

    • 3.68% p.a. variable

    • 3.69% p.a.

    • $0

    • $0.00

    • $300.00

    • yes - free

    • yes - free

    • yes

    • 80.00%

    • $100,000

    • $2,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Details Close

  • Basic Home Loan Special

    LVR<80%, Owner Occupier

    3.65% p.a. variable

    3.66% p.a.

    A Basic Home Loan which offers a competitive interest rate and other features to make your home or investment loan more affordable. No establishment fee until 31/12/2018. Option to fix full loan or split between fixed and variable. Redraw available.

    • 3.65% p.a. variable

    • 3.66% p.a.

    • $0

    • $0.00

    • $250.00

    • yes - free

    • yes - free

    • no

    • 80.00%

    • $10,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Details Close

*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

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.