St. George Bank survey reveals 1 in 5 Aussie first-home buyers want to buy this Spring

By Rhianna Dews · · 4 min read
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St. George Bank’s recent Spring-time Housing Survey has revealed that 56% of Aussie first-home buyers know exactly what they want in a new home, with 72% feeling confident to lock in a new home in the current low-interest-rate environment.

“As the current market conditions are making it a prime time to buy, it’s positive to see that homebuyers are going into the process equipped with a good idea of what they’re looking for,” said St. George Bank General Manager, Ross Miller.

According to the study, of all the features on first-home buyer’s wishlists, the non-negotiables were backyards (63%), quiet roads (55%), easy neighbours (53%), wardrobe space (46%) and even the height of the showerhead (48%).

Another big deciding factor for Aussie first home buyers when picking out a new home was location, with preference to family-friendly neighbourhoods (64%), views (61%), proximity to sporting facilities (52%), cafes and bars (46%) and access to food delivery options (42%).

“Whether it’s a backyard big enough for the kids, friendly neighbours, great views or being close to a local café or pub, Aussies are prioritising easy living and family-friendly features when it comes to their first home hit-list,” Miller said.

St George launches new online home loan application process

The survey found that 1 in 5 Aussie first-home buyers want to buy in the current Spring property season, however, it seems many feel overwhelmed by the challenging home loan application process.

In fact, 56% admitted they’d be more comfortable applying for a home loan under the guidance of an expert, 44% if there was less paperwork and 35% if an online application process was available. Taking this into account, St George Bank just launched a new online home loan application process.

“The application process can sometimes seem tricky, that’s why we have launched a digital paperless process, which provides information for every stage of the home buying journey, so households can focus their energy on finding their perfect home,” said Miller.

“Our customers have enjoyed the paperless, online home loan application because it allows you to complete your application through an easy to use 24/7 digital app, with a clear step by step process to fill in at your own pace – all within the comfort from your home and with help available at the click of a button.”

It’s been low-rate home loans galore since all the RBA rate cuts over the past few months, so, if you’re looking to buy your first home, get in quick while the market’s still in good shape! Get the ball rolling by running a quick home loan comparison to help you find a home loan deal that’s right for you.

Compare first-home buyer home loans - last updated 7 May 2024

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  • First Home Buyer Loan Special

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    5.90% p.a. variable
    5.93% p.a.

    A low variable rate loan for home buyers. No establishment or ongoing fees to pay. 100% offset account included. Allows for unlimited repayments, redraws and flexible repayment options.

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  • Basic Home Loan Special Offer

    Owner Occupier, Principal & Interest, LVR 80-95%

    interest rate
    comparison rate
    Initial monthly repayment
    6.69% p.a. variable
    6.70% p.a.

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  • FHBG Special Offer Classic Home Loan

    interest rate
    comparison rate
    Initial monthly repayment
    6.19% p.a. variable
    6.21% p.a.

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  • Basic Variable Home Loan

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    5.94% p.a. variable
    5.99% p.a.

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    Details
  • First Home Buyer Variable Home Loan

    Advantage Plus, Owner Occupier, Interest Only, LVR >90%

    interest rate
    comparison rate
    Initial monthly repayment
    5.99% p.a. variable
    6.76% p.a.

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    Details

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* 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.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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