Saving for a home top priority for many young professionals

Friday 25 February 2011

Article by Mozo

As many as one in three young professionals in Australia are actively working to bolster their savings accounts in a bid to get onto the property ladder sooner rather than later.

Young Australians are keen to get onto the property ladder

That is according to the latest Bankwest/Mortgage and Finance Association (MFAA) of Australia Home Finance Index, which reveals that buying their own place is now a primary concern for a significant proportion of the 'Y Generation'.

Indeed, managing to be approved for home loans is now a bigger concern than job security for many young professionals, with MFAA chief executive Phil Naylor noting that these figures show just how attractive the property market is for prospective homebuyers right now.

"For those with job security, a flattening in house prices and competitive mortgage deals are increasingly spurring first-time buyer intention in the real estate market," he explained.

Additionally, the index also shows that around six in ten young professionals are adapting their lifestyles in order to try and save for the future.

Just recently, the Australian Bureau of Statistics reported an upturn in the number of home loans taken out in December compared to the same month of 2009.

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