The high cost of breaking into the property market is the biggest obstacle for first time buyers, a new survey has found.
According to a Loan Market poll, 65 per cent of Australians believe housing affordability is the biggest barrier to property ownership.
The poll, which surveyed 976 respondents, found interest rates was only the biggest concern for 12 per cent of people.
“The survey result shows that the RBA leaving the official cash rate alone for the past five months seems to have neutralised interest rates as a deterrent,” said Loan Market Chief Operating Officer Dean Rushton.
“The upcoming federal budget provides the government with an opportunity to offer real assistance to first home buyers,” Mr Rushton said.
“Most observers would concede that the First Home Savers scheme has failed to have any meaningful impact.”