Money Mindset:
Borrower Knowledge Gap Report

Estimated read time: 2 Minutes

Australians worry about the high cost of living, but still dream of owning a home

Despite high inflation and interest rate rises dominating the headlines, home ownership is still important to Aussies.

To better understand the aspirations and approach everyday Aussies take to own a home we asked over 1,000 of them in our latest Money Mindset research report.

Let's take a look at some of the key findings...

Homeownership is still important to Aussies

Australians deal with rising cost of living

Whilst 95% of Aussies are concerned about rising living costs, the majority (65%) feel hopeful that the economic outlook will improve.

89% of Aussies believe owning a home is part of the Australian dream, and 71% maintain they will one day own their own property.

The state of play for hopeful homebuyers

53% of hopeful homebuyers say they would accept a higher interest rate if it meant being approved for their home loan sooner.

58% don’t know there are home loan options with non-bank lenders if a bank says no to their application.

Understanding the different options available

The research shows there’s a real gap in borrower financial literacy, which is limiting the potential of aspiring home buyers who may have alternative options that they’re not aware of.

Borrowers improve their financial literacy

49% of Aussies saving for a home said they would rather keep saving for longer to accumulate their deposit before going to a bank.

However, only 22% feel confident in the length of time it will take to save a home deposit.

64% of Aussies are unfamiliar with the concept of non-bank lenders and their offerings.

There’s a golden opportunity for Aussies to connect with brokers

Australian homebuyer connects with broker

Mortgage brokers can offer a clear understanding of the different loans, lenders and products available to meet the individual needs of everyday Aussies.

77% of Aussies would seek advice from a mortgage broker when considering a home loan.

Taking that little extra time to understand your current financial situation and the loan options available to you to achieve your homeownership aspiration can make all the difference.

Take a deeper dive and read our
‘Money Mindset Report:
Borrower Knowledge Gap Report’

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You may also check out our Money Mindset Report: The power of understanding your options >>

Contributor | Therese McGrath, Chief Financial Officer

Therese brings over 25 years of international experience in finance, strategy, and operations. She joined Pepper Money in January 2018 as Chief Financial Officer. In this role, she provides the leadership and financial and operational management necessary to ensure Pepper Money achieves its strategic goals and objectives. Read more.

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Money Mindset: Borrower Knowledge Gap Report