Unsurprisingly, one of the biggest hurdles for young people getting a mortgage is affordability. Melisa Sloan, founder of Madison Sloan Lawyers and author of Big Moments said that high demand and property shortages make things even tougher.
“The biggest hurdle is affordability and obtaining finance in an environment where property prices, particularly in city areas are relatively high. Saving for a deposit and the ability to service a mortgage has increasingly become difficult for young people over the past two years, with many now reliant on parental or other family help to obtain a mortgage and get into the property market,” said Sloan.
“Many people with good jobs and the ability to service a loan find themselves unable to obtain a mortgage because they do not have a sufficient deposit that is required by lenders. Additionally, property shortages continue to make it difficult for people for young people to get a mortgage.”
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