Based on a survey of 2,000 Australians, the 2007 Genworth Financial Mortgage Trends Report found that Property ownership in Australia is high compared to other countries around the world with 61% of respondents owning their own homes.
Further highlights from the report include:
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Credit Unions and Building Societies continue to be perceived by many consumers to have a greater focus on customer service. When asked about overall satisfaction with their lender, 67% of those surveyed were very satisfied with their credit union compared to 42% for banks and 49% for non-banks.
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Declining housing affordability is driving consumers to look for non-standard mortgage products – especially those with low or no deposit required. One in eight First Home Buyers taking out loans in the last four years had little or no deposit.
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Despite renewed confidence, housing affordability is still a big concern for many non-property owners with 51% wanting to enter the market in the next 12 months and only 16% believing that they will be able to do so.
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When consumers select a lending institution they do so for the following reasons – loan flexibility (40%), existing products with lender (32%), low ongoing rate (31%), low fees and charges (27%), recommendation (15%), accessibility of a branch (15%), low deposit option (of less than 10%) (13%), and low introductory rate (12%).
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