October 30, 2013
The majority of first homeowners are jumping onto the property ladder in a bid to set themselves up financially for the future, according to new data from Mortgage Choice.
In the recent First Homeowners survey, which looks at the thoughts and responsibilities of those who have purchased their first home within the last two years, over 62% said they purchased property to secure their financial future.
Across the nation, South Australians (71%) were the most likely to see property as a blueprint for wealth, compared to 61% in New South Wales, 59% in Victoria and 54% in Western Australia.
Mortgage Choice spokesperson Jessica Darnbrough said it was pleasing to see that the majority of recent first homeowners consider property to be a sound wealth strategy both now and into the future.
“First homeowners are a savvy bunch, they no longer see a home as merely a roof over their heads, but a lucrative asset that forms a key part of their long-term financial strategy,” Ms Darnbrough said.
“Property investment often allows Australians to future proof their wealth, a fact that first homeowners seem to understand well.”
The survey also found that two thirds of recent first homeowners plan to keep their first home as an investment property when they are ready to buy again.
“First homeowners recognise the benefits of having an investment property in their financial strategy. An investment property can be a very saleable asset and may help owners generate substantial wealth in the future.
“Better yet, it is critical for property investors to know the area they purchase in. If the owner has lived in the property previously, then they will know the area intimately and know what rental returns they can expect to receive.
“If you are considering keeping your first home as an investment property, a mortgage broker can help you make this a reality by assessing your financial situation and ensuring you are in the right home loan product for your future needs,” Ms Darnbrough concluded.
For further information or to arrange an interview, please contact:
Mortgage Choice Corporate Affairs
(02) 8907 0502 / 0448 240 047
(02) 9818 9334 / 0434 975 868
About the survey
The Mortgage Choice 2013 Future First Homebuyer/Recent First Homeowner Survey of 1,000 Australians who were looking to purchase their first home in the next two years or who bought their first home in the last two years ran online in September 2013.
This article is for general information purposes only. It has been prepared without considering your objectives, financial situation or needs. You should, before acting on the advice, consider its appropriateness to your circumstances.