First home buyers wrestle with complex options

January 7, 2021 BY

Mortgage Choice CEO Susan Mitchell says research suggests that the biggest challenge many first home buyers face right now, is not financial – rather it's uncertainty about how the buying process works.

Across all stages of home buying, applying for a home loan is the leading area where first home buyers say they wish they had more help.

One in two (49 per cent) first home buyers say choosing a home loan is the number one area of the buying process where they need support.

Seven out of ten (71 per cent) first home buyers want more support when it comes to making decisions around financing a property purchase.

Among these first home buyers who need more support, 39 per cent would like someone to guide them through the loan process, 26 per cent need someone to develop their knowledge and confidence.

The latest research by leading mortgage broker Mortgage Choice, confirms that taking out a home loan is a process shrouded in mystery for many first home buyers, and 71 per cent would like more help choosing a loan.

An independent survey found that across all the stages of a buying a home, applying for a loan is the aspect where first home buyers (49 per cent) are most likely to need the support of others.