Home Loan Purchase Journey: Australia

Goals

Determine how millennials in Australia research and purchase home loans. Additionally, provide context on their purchase journey including what they are researching and what motivates them to start the search.

Early Findings

Methods of Obtaining

  • Millennials in Australia are more likely than other generations to obtain a mortgage through a mortgage broker.

Challenges

  • Millennials in Australia say the biggest challenge to obtaining home ownership is saving the down payment, followed by getting approved for the loan and funding stamp duty costs.

Motivations

  • 86% of Australian Millennials desire to purchase a house.

Desires

  • Millennials in Australia want affordable homes or even apartments with short commutes to work.

Proposed next steps:

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