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Anna Karamazina

26.11.2022 15:00

Sorry mum Space for a pet more important than propinquity to family for first home buyers

While not the top precedent, space for a pet is ranked as an advanced precedence for further first home buyers than proximity to family, new CommBank exploration has revealed.

When faced with the trade-off, close to two in five (38%) said space for a pet was extremely important when coping their first property, compared to just under a quarter (23%) who ranked proximity to family as extremely important.

When looking at the top precedents for first home buyers and what they consider to be important when coping a property, the top ranked non-negotiable was property price, with 69% saying it was extremely important for the property to be within their budget. Еhe position of the property (57%) and type of property (52%) were also extremely important, followed by size of the property (41%) and space for a pet (38%).

In addition to understanding the property purchase precedents of first home buyers, the exploration also looked into what (if anything) first home buyers are willing to give up in order to reduce the time it takes for them to save their property deposit.

The exploration set up that just over eight in 10 (81%) plan to gutter social jaunts, with nights out, social conditioning and dates each in the blasting line. Further, it seems unborn Christmas and birthday gifts might be looking a little scarce, with two in five (40%) first home buyers saying they're willing to give up gifts for others to save hastily.

CommBank’s Executive General Manager Home Buying, Michael Baumann, said the exploration showed that while first home buyers do have their property “want list”, they're willing to make negotiations to achieve their property power sooner.

“The ‘Great Australian Dream’ or aspiration of retaining a home continues to remain strong among youthful Aussies who presently do n’t enjoy a property, with nearly three diggings agreeing buying their first home is one of their biggest fiscal pretensions”, said Dr Baumann.

“This desire to enter the property request also means that first home buyers are prepared to be realistic. We set up that close to nine in 10 are willing to compromise on their want list in order to buy a home sooner”. 

When it comes to saving for a deposit, further than three diggings (79%) of first home buyers said they're set to cut back on non-essentials to help them save hastily, while seven in 10 (71%) said they would consider following a strict budget. A farther 58% said they would pierce government schemes and just under one in 10 (9%) said they would consider buying with a friend.

“We know that saving for a deposit can be one of the biggest hurdles for first home buyers. Still, there are openings for first home buyers to enter the property request sooner. In particular, schemes like the Government’s Home Guarantee Scheme, which comprises the First Home Guarantee, the Family Home Guarantee and the Regional First Home Buyer Guarantee, can enable first home buyers to secure their first home sooner and invest in their futures”, Dr Baumann said.

"For those who might consider buying a property with a stock, mate or close friend, CommBank’s Property Share allows guests to resolve the cost of buying a home with family and musketeers while allowing them to retain individual control of their finances, borrowings and disbursements."

“When it comes to buying your first home, knowing where to start can be one of the biggest hurdles, so we've a range of tools and tips on our website to help you get started. Most importantly, we encourage any implicit first home buyers who are looking to get their bottom on the property graduation in the not- too-distant future to speak with their lending specialist or broker to see what finance options and government subventions or schemes may be available to them.”


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