With a recent report showing that the buying journey is overwhelming for nearly half of first home buyers, Helia and the MFAA have joined forces to find out how consumers can be better equipped to understand their options.
The two organisations are conducting a research survey to hear from mortgage and finance brokers about trends, obstacles and opportunities for borrowers when it comes to the perception of lenders mortgage insurance (LMI) as a pathway to home ownership.
“Our latest Home Buyers Sentiment Report confirms that first home buyers are feeling overwhelmed, with 48% agreeing the home buying journey is difficult,” said Greg McAweeney, Chief Commercial Officer at Helia.
“We know mortgage and finance brokers help cut through the complexity and unlock opportunities that may not otherwise have been considered by home buyers, and we’re interested to know how we can support them when LMI is an effective and sensible solution for their clients.”
In Australia, around one quarter of home loans are covered by LMI. However, it is often misunderstood by aspiring homeowners, or is something they just don’t know is available to them.
“There are several pathways to home ownership available to borrowers, from having a full 20 per cent deposit, having a guarantor, accessing a government scheme through to LMI. This variety in how people can enter the housing market is positive and something to be encouraged, it can also be confusing for new borrowers,” said MFAA CEO Anja Pannek.
“We don’t want to see Australians miss out on the security home ownership can bring simply because they weren’t aware of all their options,” said Ms Pannek.
Helia and the MFAA said this research is about understanding how knowledge of home ownership pathways among consumers can be increased, and how MFAA members can be supported in further educating their clients through professional development, resources, and tools.
The MFAA also highlighted that industry insights from surveys such as this enhance advocacy efforts, providing policy makers with a clearer picture of what home buyers, particularly first home buyers, are experiencing and what they understand about accessing a home loan.
Have your say
The survey is open to mortgage and finance brokers across the country and closes on Monday 23 October.
To take part in the survey, simply click on the link below. The survey has 15 questions and takes 5 minutes to complete.
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