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What First Home Buyers Value When Applying For a Loan – Check Out Our Blog!



The recently conducted 2nd edition of the RAMS First Home Buyers’ Pulse Check has revealed some interesting information about what home seekers value when looking to take out a home loan to buy their first home.

The survey, conducted in August 2009, explored the behaviour and attitudes of first home buyers and seekers, with more than 800 Australians (823 respondents) between the age of 20 and 40 participating in the survey.

Find out more about what home seekers are looking for when applying for their first home loan, click here.

The second edition of the RAMS First Home Buyers’ Pulse Check sourced some interesting findings regarding what first home seekers value most highly when looking for a loan to finance the purchase of their first home, such as:

  • 37% of home seekers said that they valued simple information and advice about what they need to do when applying for a home loan. They didn't want to be bombarded with small print and convoluted information; they just wanted the facts and advice on the steps they needed to follow.

  • 35% of first home seekers wanted to get pre-approval on their finances so that they would have an idea of the amount of money to which they would have access and could start looking at properties that were within their budget.

  • 33% wanted to be able to gain a ready understanding of the different home loan options and interest rates available that were relevant to their lifestyle and other needs.
  • 30% wanted to be able to gain a good understanding of the amount they could borrow and how their home loan would impact their future budget in terms of repayments.

  • While only 12% ranked as highly important the fact that they wanted regular communication from their home loan provider throughout the process, 71% ranked this as being relatively important.

If you’re looking to buy your first home, tell us what you value most – we want to hear from you! Visit our new First Home Buyers’ Pulse Check Blog!

Or alternatively, talk to a RAMS Consultant today to find out what we can do to help you find the right home loan to buy your first (or second) home.

(Source: RAMS First Home Buyers’ Pulse Check, second edition October 2009)