The need for diversity in the broking industry has never been more clear, as research suggests that women are more eager to purchase their own home compared to men – and women are more likely to seek out a broker.
According to Mortgage Choice’s Property Ownership Survey conducted by CoreData, 30% of millennial women say they feel it’s more achievable to enter the property market right now – compared to 20% of men in the same age group.
CEO of Mortgage Choice, Susan Mitchell, said it is particularly encouraging given how challenging it can be to get into the property market.
She also said there has been a real shift over the past year with women wanting to buy their own homes.
The survey showed that more than 30% of women have or will likely buy a property on their own, which has increased from 25% last year. Not only that, 56% of women are currently committed to saving for a home deposit, versus 45% of men.
Driven by financial stability
Forty-four percent of women said they were choosing to buy property in order to stop the rent cycle, compared to just 32% of men, which shows women wanted to take more ownership of their financial future, said Mitchell.
In order to do this, women are also more likely to seek the help of professionals when buying property. Fifty-three percent chose to speak to a mortgage broker to get the right deal on their home loan, whereas only 36% of men did the same.
But Mitchell warns there are still barriers to overcome for women. “While the survey provides positive insights into the state of mind of female homebuyers, the reality is that women still face more obstacles than men when it comes to realising their financial goals,” she said.
“The Workplace Gender Equality Agency (WGEA) reveals that while there has been some improvement, there is still a 13.9% full-time gender pay gap.”
First home buyers
This is not the first time it has been shown that women are fighting to get onto the property ladder on their own.
Since the government’s First Home Loan Deposit Scheme began in January, around 52% of joint and single applications have been for women, according to Aussie Home Loans. First home buyers, with typically little knowledge about the property market and loan options, are also a great segment for mortgage brokers to tap into.
Another report released this year also shows that 16% of home loans are owned by single females, compared to 21% of single males. The Mortgage Nation Report from illion also shows that the highest number of single gender mortgages is at either end of the lifetime, such as first home buyers under 30 or their grandparents’ generation of over 70s.
If Mortgage Choice’s survey is anything to go by however, the growing intention of women hoping to buy a home could mean we see a shift in figures over the next year.
Are you finding more female home buyers coming to your brokerages?