Renters not positive about life as tenants
That’s despite nearly two-thirds aspiring to own their own home.
The study, which surveyed nearly 800 Westpac customers aged between 18 and 45, found 58% were already homeowners and nearly 37% were renters. Of the renters, two-thirds were not looking to buy a home
A large majority of renters identified saving a deposit as the biggest hurdle to home ownership, with more than 80% rating “insufficient deposit” as an important to very important factor in their decision for not purchasing a house. Some 63% also rated “insufficient income to cover mortgage payments” as an important to very important factor.
Westpac’s head of retail Ian Blair said while many believed it was tough to save a deposit, most respondents were in fact optimistic.
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