CommBank data revealed a growing trend of first-home buyers purchasing property alone, with 40% doing so in the first half of 2024, up from 35% in 2019.
“It is not surprising to see first-home buyers looking at all of the options available to them,” said Michael Baumann, EGM home buying at CommBank.
The use of government-funded first-home buyer guarantees has surged 45% between FY21 and FY24, highlighting the growing need for financial assistance as property prices and living costs rise.
“CommBank is an active participant in all of the different government guarantee schemes,” Baumann said.
The average loan size for regional first-home buyers was $403,203 in FY24, with an average LVR of 86%, higher than the 82% average LVR for metro buyers.
“Regional properties often provide first home buyers with the perfect opportunity to take their first step into the market,” Baumann said.
CommBank offers tools like Home Hub in its app to help buyers streamline the home-buying process.
“We can provide customers with access to a range of competitive products, and tools to help them in their home-buying journey,” Baumann said.
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