First home buyers getting older

Among Australians planning to buy their first home 20 per cent are aged 40 and older, the Mortgage Choice Future First Homebuyer Survey found.

The proportion of people aged 30 and over has increased from 54 per cent in 2011 to 61 per cent in the latest survey, and that the proportion aged 40 and over has increased from 17 to 20 per cent over the same period.

A Genworth Mortgage Trends Report put the average age of FHBs at 31. Genworth’s research suggested people are accumulating significant amounts of personal debt in the years before purchasing their first home, which is acting as a hurdle to taking on mortgage debt.

Source: Banking Day