Renters plight play second fiddle to homeowners

RESIDENTIAL PROPERTY

SINCE the COVID-19 pandemic began, Australian renters have consumed the least amount of wealth while also receiving less attention and support compared to homeowners.

According to the latest consumer research from RFI Global and DBM Atlas, savings stress on renters is more than triple that of homeowners.

The average owner-occupier mortgage customer has reportedly accumulated an additional almost $19,000 in their deposit accounts in...

This is nearly four-times the amount amassed by renters over the same period, who saved around $5,000.

Furthermore, a greater share of mortgage customers have also increased the value of their investments in shares and ...

While the impact of the 11 rate hikes across 12 months impact mortgage holders more directly, rate increases are often...

Currently, the biggest concern for non-mortgage holders is inflation, at 75%, followed by the increasing cost of housing, at 62%.

Non-mortgage holders are also increasing stressed by cash rate hikes, at 42%, as at March 2023.

With Australians now entering the housing market later in life, less savers under 25 are now reporting their primary savings goal as a house deposit.

While between March 2020 and August 2022, this proportion of savers almost doubled from 18% to 30%, before reversing in...

RFI Global’s recent First Home Savers Report 2023, the main barriers for homeownership were all related to affordability...

“When there is the perception that house prices are increasing faster than people can ever possibly hope to save, there is also...

“Rising rates have negatively impacted affordability and put simply, people are no longer able to borrow as much as they could before.”

The April data also shows that lenders may be losing trust amongst renters, with first home buyers most like to turn to...

“RFI data consistently proves it is all about positive communication and providing that guiding hand to help a naturally nervous...

The top ways lenders can help potential customers get in to the property market including providing a lower minimum...

As well as through lender-provided information on government grants buyers may be eligible for at 42% and offering guidance...

“Assisting a stressed renter into the property market, with sound advice, and guidance on financial position could benefit both...

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