It needn’t be complicated

NEW RESEARCH SHOWS PAPERWORK IS DETERRING FIRST-TIME BUYERS.

FIRST home buyers are delaying and could be missing the opportunity to get into the property market due to a confusing home loan application process.

New research conducted by Aussie found that 29 per cent of first-time buyers are put off from buying a property because the home loan process can be confusing, hard to navigate, and riddled with red tape.

The data also revealed that it isn’t only first home buyers who are confused, but experienced home buyers as well, with 58 per cent unsure what documents banks assess during the application.

“Today’s property market has all the right conditions. We’ve got low interest rates and national average auction clearance rates are above 75 per cent,” Aussie Chairman John Symond said. “Aussies could be missing out on this opportunity because they’re overwhelmed by the home loan process.”

More than half of Australians state they have received home loan advice from friends or family. Only 37 per cent said they trust it.

While filling out paperwork can be painful, two thirds believe that mortgage brokers can make getting a home loan easier.

“A mortgage broker can help guide you through the application process, and they are across the constant change in regulations and lender policies,” Mr Symond said. “It’s a mortgage broker’s job to simplify the increasingly complicated process, minimise and explain the jargon, paperwork and mortgage mumbo jumbo. My advice is ditch dad’s deposit lecture and go straight to Aussie.”