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All the single ladies... are saving 20% more deposit than men

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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.

Boost in solo property buyers

When we look at Lendi customer data over the last two years for new property purchases, it shows:

  • On average, single female applicants have deposits of $165,044 which is $27,243 or 20 percent larger than single male applicants but 24 percent or $39,736 less than dual applicants.
  • Single female applicants on average have a Loan to Value Ratio (LVR) of 74 percent compared to single male applicants whose average is 79% and dual applicants whose average LVR is 76% of the property’s value.
Applicant type (new purchase)Average ageAverage purchase priceAverage LVRAverage deposit
Single female41$660,00074$165,044
Single male39$656,00079$137,801
Dual applicant41$853,00076$204,780
  • Median interest rates secured across all loan types (new purchase and refinance) over the six months to February 2020.

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Single men are favouring investment properties

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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Tags: rba cash rate, reserve bank, interest rate, new purchase, deposit

Check today's low rates

Tell us what you are looking for and see if you can save.

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Check today's low rates

Tell us what you are looking for and see if you can save.

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Important legal stuff

Lendi is the trading name of Lendi Pty Ltd (ACN 611 161 856), a related body corporate of Auscred Services Pty Ltd (ACN 164 638 171, Australian Credit Licence 442372). We will never sell your email address to any third party or send you nasty spam, promise.
# Quoted rate applies only to PAYG loans with LVR of 80% or less with security in non-remote areas. All applications are subject to assessment and lender approval.
Lendi is a privately owned and operated Australian business. Our mission is to change the way Australians get home loans by providing a faster, smarter and more secure home loan experience designed around the customer’s convenience and needs. Although Lendi compares over 1600 products (2,500+ products including feature and pricing variations) from more than 35 lenders, we don't cover the whole market or compare all features and there may be other features or options available to you. While Lendi is 35% owned by founders and employees, we have also been supported by some great minority shareholders including Bailador, Macquarie Bank Ltd and a number of Australian sophisticated investors. Lendi's board is majority independent and non-executive.
WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. The comparison rates are based on a loan amount of $150,000 over a loan term of 25 years. Fees and charges apply. All applications are subject to assessment and lender approval. Quoted rate applies only to PAYG loans with LVR of 80% or less with security in non-remote areas. All applications are subject to assessment and lender approval.
IMPORTANT INFORMATION: Loan terms of between 1 Year and 40 Years are available subject to lender and credit criteria. Maximum comparison rate will not exceed 14.99% (see comparison rate warning above). Any calculations or estimated savings do not constitute an offer of credit or a credit quote and are only an estimate of what you may be able to achieve based on the accuracy of the information provided. It doesn't take into account any product features or any applicable fees. Our lending criteria and the basis upon which we assess what you can afford may change at any time without notice. Savings shown are based on user inputted data and a loan term of 30 years. All applications for credit are subject to lender credit approval criteria.
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