Aussie First Home Buyers are Now Older
Australia’s first home buyers are six years older than four decades ago
Recent research conducted by mortgage insurance provider Genworth found that the average borrowers are now waiting until their thirties before taking on large amounts of debt.
Genworth’s research revealed a number of interesting statistics about the way we invest and borrow in Australia:
The average age of first home buyers has risen to 31 years, up from 25 years in the 1970’s.
Australian homebuyers are among the most indebted in the world, but are also the fastest at paying off their debts.
More than a third (39%) of the 1,000 Australians surveyed use more than half their income to pay down debt.
45 per cent of Australian homebuyers overpaid on their repayments (well above the average of 26 per cent in the other surveyed markets).
The research also indicated that Australians go to great lengths to service their debts, with around 80 per cent of homeowners having “no trouble” meeting their mortgage repayments in the last 12 months.
