Australian renters are struggling – but going under the radar due to focus on mortgage borrowers.
Alex Boorman from RFI Global sheds light on the challenges renters face in today's housing market. Their research indicates that due to high rent prices, renters struggle to save for a deposit and enter the property market. Over the last year, capital city rents have increased by approximately 10%, and renters have only managed to raise their savings by roughly $5,000, compared to the $20,000 of mortgage holders.
Alex sees these challenges as an opportunity for lenders to address the needs of renters who will eventually become homeowners. By providing low deposit products and educating potential first-time buyers on the home buying process, lenders can forge long-lasting relationships with this significant customer segment.
Additionally, Alex proposes that collaboration between the government and lenders could alleviate some difficulties experienced by renters. As the forthcoming budget may have provisions focused on lower-income groups, this collaborative effort could be crucial in assisting renters in entering the housing market.
Watch the full video here.
Read the full Press Release here.
For more information, or to speak to a spokesperson, please contact:
Chloe James
Group Director of Media and Communications at RFI Global
Email: cjames@rfi.global
Phone: +61 0451 118 042
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