The Australian dream of owning a home is still alive and well for solo buyers who are not deterred by the lack of an additional income or rising property prices. Recent Lendi data shows that a third of Lendi customers are solo buyers, and women are leading the charge saving a deposit 20% larger than their single-male counterparts.
Lendi data shows single women are entering the property market better financially prepared than single men and are coming to the table as stronger applicants. They have better credit profiles, they are conscientious in saving for their deposit, have the healthiest LVR and are securing lower home loan interest rates than men as a result.
When we look at Lendi customer data over the last two years for new property purchases, it shows:
|Applicant type (new purchase)||Average age||Average purchase price||Average LVR||Average deposit|
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According to the Lendi customer base, single male applicants are 13 percent more likely to buy for investment purposes and 35 percent more likely to choose interest only loans when compared to single female applicants.
When we look at the median interest rates secured over the last six months, single female and dual applicants have secured a rate of 3.19% while single male applicants secured a median rate of 3.24%*.
This comes following recent news that solo home buyers were snapping up places in the First Home Loan Deposit Scheme with more than 60% of applications coming from solo buyers. A loud signal that when it comes to marital state, single buyers will not be left behind in the race to own a home.
It goes to show that property in Australia may be expensive but going halves in a mortgage isn’t the only way into the market. 30% of Lendi’s customers are solo buyers, with an even split between men and women.
Lendi co-founder and managing director, David Hyman, comments; “Settling down and buying property were once linear milestones for Australians but not today.
“Whether you’re looking for an investment or somewhere to live, there are different ways to get onto the property ladder. Home loan specialists work with different lenders on a multitude of borrower scenarios every day, making them a really valuable source of knowledge for would-be buyers wanting to understand their borrowing power and real estate options.”
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The information in this post is general in nature and should not be considered personal or financial advice. You should always seek professional advice or assistance before making any financial decisions.
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