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Women waiting for the right mortgage

Women waiting for the right mortgage

June 12, 2011

New research from RAMS reveals more women are applying for a home loan on their own.

The report stated that over the last year, sole home loan applications reached a 50-50 split between men and women, compared to past figures where sole male applicants made up 70 percent.

The data for sole female applicants varies state to state. A South Australian RAMS spokesperson stated there has been an increase in women seeking to refinance and reposition themselves as the head of a household in the aftermath of a divorce or separation.

In Victoria, anecdotal evidence points not only to an increase in the number of female owner-occupiers, but also a rise in women buying investment property.

The gender balance remains largely unchanged in the ACT, however, with only 17 percent of a surveyed 600 property transactions completed by women buying on their own. The biggest swing in the Capital Territory went to single people buying alone, with only 49 percent of the surveyed properties purchased by couples.

The RAMS study is backed up by a recent national Home Loan Hints survey, which found women made up 58 percent of people searching for a home loan and that 38 percent of surveyed women were looking at a first home loan compared to 30 percent of men.

The Home Loan Hints survey also revealed that women are more likely to educate themselves about the mortgage market through online research and comparison websites then men.

What remains unchanged across the board is that when it comes to couples jointly purchasing a property, it’s the ladies who get the final say.

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