Single Aussies struggle to get on property ladder

Tuesday 15 June 2010

Article by Mozo

Single people are struggling to secure a property in Australia’s highly competitive housing market, it has been revealed.

According to a Mortgage Choice survey, more than 65 per cent of recent first home owners could only get on the property ladder by pooling their money with another source – be it parents, friends, or their partner, the Daily Telegraph reported.

The newspaper also observed that the gap between renters and property owners is widening, with more than 27 per cent of prospective buyers in New South Wales admitting they were forced to rent when polled by realestate.com.au.

Another 40 per cent said they rented until they could afford to buy.

Such financial pressures may encourage more Aussies to compare home loans in search of the most affordable options. Last week, the Australian revealed that consumers were charged $5 billion in bank fees last year as charges for switching home loans from fixed to variable rates went up.

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