St.George reveals: LGBTQI Aussies are 28% less likely to be home owners
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.
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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Mozo's tips for saving for a home loan deposit
Go guarantor - Having a family member acts a guarantor may be your path to getting into the property market. However, it is a risk, as your family member will be using their own home as security against the loan, so you’ll need to make sure you’re able to make repayments.
Budget and then hide it somewhere good - Everyone knows that the top tip to save is budgeting, but take it one step further by stuffing your hard earned cash into a designated savings or term deposit account so you’re not tempted to spend.
Scrap big ticket luxuries - We all love a bit of luxury, like a 4 week summer holiday, but when it comes to saving for a deposit, you need to think long term. By skipping your annual holiday or holding off on buying that new laptop, you’ll be able to put the money to something more permanent and that is, your dream home.
Pay debt down, first - While this may seem odd, one of the things a lender will look at when applying for a home loan is your credit score, meaning, if you have any outstanding debts. Take care of any debt now to better your chances of being approved before you approach a lender.
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