Home Loan Purchase Journey: Australia

Goals

To provide a customer journey for millennials/first time home buyers in Australia, including what motivates them to start a search, what they are researching, what sort of media channels they use, what barriers they face, how satisfied they are with the process, and how they feel emotionally.

Early Findings

Australian Millennials/First Time Home Buyers Customer Journey

  • During the second stage of the customer journey, Aussies are researching and going online to find information, answers, and support. Millennials and first time home buyers research to calculate finances, follow market news, and search for available properties.
  • When Aussies are researching online, bank websites and real estate sites are frequently visited.
  • Online search is the main media channel that plays a crucial role in the customer journey by serving as a launch point to all the information they need to make informed decisions.
  • In the third stage of the customer journey, Aussie millennials and first time home buyers are in the market with finances confirmed, and are now actively viewing properties and contacting real estate agents.
  • The main barriers that Australian millennials and first time home buyers are facing center around affordability challenges to have a down payment and secure a home loan. The majority also believe that the best strategy to improve housing affordability is to remove stamp duty.
  • Though more self-educated than ever before, Aussie millennials and first time home buyers still want support and reassurance from experts in the field because buying a home for the first time is still intimidating for them.

Proposed next steps:

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