Research by Australia’s leading mortgage broker, Aussie Home Loans, shows women are more likely than men to partner up to buy a home, with 55 per cent of same-sex joint loans in FY18 taken out by females, up from 50 per cent in FY14. The data also showed a gradual increase in the number of single female loans compared with single male loans.
Approximately half of those with a joint same-sex loan are married or in a de facto relationship (45 per cent female, 59 per cent male). The data shows that the inner-west suburbs of Melbourne and Sydney are most popular for same-sex couples.
“Melbourne’s Yarraville, Craigieburn and Brunswick are Australia’s top three suburbs for joint female loans, while Sydney’s Redfern, Surry Hills and Newtown are the most popular for joint male loans. Sunbury is Australia’s top suburb for joint mixed gender loans, as well as loans to single females, while being ranked second (behind Craigieburn) for single male loans,” said Mr Symond.
Top Suburbs for Joint Male loans
Top Suburbs for Joint Female loans
Top Suburbs for Joint Mixed Gender loans
Top Suburbs for Single Male loans
Top Suburbs for Single Female loans
The data also shows that all-male loans are more likely to be for investment purposes than all-female loans, while women are more likely to select a fixed interest loan.
James Symond, CEO of Aussie Home Loans, said “We are delighted to be providing more loans to same-sex joint applicants, whether they are couples or singles partnering up. I expect to see significant growth from these customers for years to come thanks to the legalisation of same-sex marriage and savvy singles - and in particular women - who are looking to join forces to get a foot on the property ladder,” said Mr Symond.
“No matter if you are single, a couple or buying with a friend, nothing beats a quality, face-to-face conversation when you are talking about a big commitment like a home loan. There’s a bit of doom and gloom out there about how difficult it can be, but we think it’s better with a broker. So don’t assume buying a property is a million miles away – it could be closer than you think.
“In fact, I’m so confident an appointment with an Aussie Broker will be time well spent, I guarantee it. If, after meeting with one of our brokers, a customer does not think it was worth their while, $100 is theirs*,” he added.
Aussie data also reveals that all female home loans (single and joint same-sex) are settled at an average age of 41 years, compared to 38 years for all male loans. The average age for joint mixed gender loan customers is 40 years.
Men also consistently borrow more than women, with single and joint male loan sizes averaging $293,619 and $337,182 respectively, compared to $262,591 and $316,405 for single and same-sex females.
Mr Symond, said “There is unfortunately a clear disparity between men and women in home loans, which I believe can be linked back to a persistent income gap.
“Our data shows the average individual income for single male customers is 17 per cent higher than single females, and 12 per cent higher for joint same-sex customers. That’s not an insignificant amount, and could ultimately be the cause of women’s delayed entry into property,” he concluded.
For more information or to make a free appointment with an Aussie Broker, visit www.aussie.com.au.
*Terms and conditions apply, visit www.aussie.com.au.