New entrants to the property market are almost always pleased with their decision to purchase property and a majority are well on top of their finance commitments, a new survey has found.
According to Mortgage Choice’s 2011 First Home Owner Survey, 83 per cent of first time buyers have no regrets about their first property purchase.
Moreover, 63 per cent of first timers are making higher loan repayments than necessary in a bid to get ahead.
Mortgage Choice spokesperson Kristy Sheppard said, “Australia has a very low mortgage arrears rate and it’s likely this group of buyers will help us to maintain this position.”
“Although this year’s respondents were older at the time of purchase than in last year’s survey and a higher proportion made lifestyle sacrifices in order to buy, the vast majority were satisfied with their first home purchase and had a sound repayment strategy.
The survey also found that first time buyers are more inclined to seek out the advice of a broker than go directly to a lender.
According to the survey, more than 40 per cent of respondents said their favourite point of contact for mortgage advice was a broker, followed by a lender.