The property market is a tough game for many Aussies simply after the Australian dream, however, new research by St.George has revealed that not all Aussies take on the same battle.
According to the the St.George LGBTQI Financial Wellbeing Report, LGBTQI Aussies are 28% less likely to be home owner-occupiers than heterosexual Aussies.
And those lucky enough to own a home faced a 41% higher mortgage than other owner-occupiers, which St.George General Bank Manager, Ross Miller, believed was a result of limited location options.
“This is perhaps due to the fact three quarters (74%) of LGBTQI Australians feel as though there are only some communities they would feel comfortable living in,” he said.
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The report also found that members of the LGBTQI community were 31% more likely to be renters.
A major issue within the community were financial products, as 9 in 10 LGBTQI Aussies felt that financial products were mainly designed for heterosexual couples.
“Just like any family with diverse needs and financial challenges, LGBTQI Australians are no different, they need products and services that relate to them as individuals and their circumstances,” Miller concluded.
And while there are no longer any houses in Sydney with a median house price under $500,000, it appears that Aussies of all kind have one goal in common - saving for a deposit.
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