29 June 2020|4 minute read
1 in 3 first home buyers are unaware of the variety of Federal and State Government grants and schemes encouraging them to get into the property market, according to research commissioned by leading mortgage broker, Aussie.
The startling finding has come as the next round of 10,000 applications under the First Home Loan Deposit Scheme (FHLDS) become available 1 July 2020, while the HomeBuilder grant has already rolled out.
The research of more than 1,000 first home buyers found that 85 per cent do not know the nature of the FHLDS and want assistance, while 67 per cent intend to use a mortgage broker to attain their property goals.
CEO of Aussie, James Symond said, “There are a myriad of federal and state schemes*, but unfortunately, the majority of first home buyers are unaware of the current opportunities available to them. It appears there is widespread confusion and a lack of knowledge about government grants and schemes among first home buyers, particularly those who are not being advised by a mortgage broker.”
Recent Aussie data shows first home buyer enquiries have more than doubled relative to the same time last year and are currently at an all-time high.
“We are receiving record levels of enquiries from first home buyers to explain and help them access the various schemes as well as presenting home loan options,” he added.
Google search volumes also show that first home owner enquiries have reached record levels off the back of record low interest rates, government schemes, and competitive lender offers.
Mr Symond concluded, “The high level of demand has surprised us during these difficult economic times, as has the lack of knowledge about the incentives to get first home buyers into what is Australia’s largest asset class.
“Preparing the schemes’ application and the home loan process can be complex, especially as they come with strict eligibility requirements and conditions, which many first home buyers simply cannot navigate on their own.”
First Home Buyer Federal and State Schemes*:
Summary of research results:
The research was commissioned by Aussie and conducted by Lonergan Research during June 2020. The study was conducted with over 1,000 mortgage holders to uncover their attitudes and knowledge regarding refinancing their home loan. After interviewing, data was weighted to the latest population estimates sourced from the Australian Bureau of Statistics.
Aussie was founded in 1992 and was widely credited for bringing competition to the Australian home lending industry. For nearly 30 years, Aussie Brokers have put progress within reach of more Australians, helping over 1.5 million customers with their home loan. Today, Aussie has the largest retail footprint across Australia.
Contact Tim Allerton, City PR on 0412 715 707