LMI a great option for first home buyers
LENDERS MORTGAGE INSURANCE company Helia has released its 2023Home Buyer Sentiment Report, which reveals the stark truth about the challenges first home buyers face when purchasing property. The report found that 78% of first home buyers are finding it difficult to save for a deposit, which impacts their path towards homeownership. “This is being driven by many factors, including a lack of supply in some areas, high interest rates and inflation rates, and the flow-on effect from other parts of the economy,” says Helia chief commercial officer Greg McAweeney. “As a result, more homebuyers are recognising the value of LMI and other pathways to overcome this deposit barrier and help them achieve homeownership.”
With inflation levels leading to a higher cost of living, McAweeney says many people have little room in their everyday budgets to save for a deposit, with 69% of homebuyers indicating they are finding it difficult to cover their living expenses. “Additionally, the rising cost of purchasing a property is widening the gap between the amount needed to cover ongoing monthly loan repayments and the financial capacity of aspiring homebuyers, leading more people to review their options.”
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