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CommBank research has revealed that having a place for pets ranks higher in importance than closeness to family for first home buyers.
Although it’s not the top priority, 38 per cent of first home buyers (FHBs) said that having space for their pets was extremely important in regard to purchasing their first property, while 23 per cent ranked proximity to family as extremely important.
According to CommBank research, the top priorities for FHBs when it comes to purchasing their first property were property price (69 per cent), location of the property (57 per cent), the type of property (52 per cent), followed by the size of the property (41 per cent) and finally space for a pet.
In addition, the research explored what FHBs would be willing to give up in order to decrease the time it takes to save up for a property deposit.
The research revealed that 81 per cent plan to forego social outings and 40 per cent said they would be willing to give up buying gifts around Christmas time to save their money.
Furthermore, 79 per cent of FHBs said they are prepared to cut back on non-essential items to save their money faster and 71 per cent said they’d consider following a strict budget.
An additional 58 per cent said they would consider accessing government schemes and only 9 per cent said they would consider buying with a friend.
Executive manager home buying at the Commonwealth Bank, Michael Baumann, stated the research indicated that even though FHBs have a property “wish list”, they are willing to compromise certain things to gain property ownership sooner.
“The ‘Great Australian Dream’ or aspiration of owning a home continues to remain strong among young Aussies who currently don’t own a property, with almost three quarters agreeing buying their first home is one of their biggest financial goals,” Mr Baumann said.
“This desire to enter the property market also means that first home buyers are prepared to be realistic.
“We found that close to nine in 10 are willing to compromise on their wish list in order to purchase a home sooner.”
Mortgage flexibility is key among mortgagors
Recent Commonwealth Bank of Australia (CBA) data identified that flexibility in a mortgage was among the top priorities for home owners.
Almost 80 per cent of home owners cited home loan flexibility such as redraw and multiple offset accounts as well as flexible features including the ability to change repayments online or via an app as crucial to their needs.
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