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Same sex mortgages are on the rise
Home loans taken out by two same-sex individuals are increasing, with women more likely to team up to buy a home, according to research from Aussie Home Loans.
Research from the Australian mortgage broker shows that 55 per cent of same-sex joint home loans in FY18 were taken out by women – up from 50 per cent in FY14. Further, around half of those taking out joint same-sex loans are married or in a de facto relationship (59 per cent male and 45 per cent female).
Gender home loan gap
Aussie’s data found that all-female home loans (single and joint same-sex) were settled on average three years later than all-male loans, with women on average settling after 41 years and men settling after 38 years.
Men were also more likely to take out larger home loans, with loans averaging $293,619 and joint male loans averaging $337,182, compared to $262,591 and $316,405 respectively for single women and joint female loans.
James Symond, CEO of Aussie Home Loans said “there is unfortunately a clear disparity between men and women in home loans, which I believe can be linked back to a persistent income gap.”
“Our data shows the average individual income for single male customers is 17 per cent higher than single females, and 12 per cent higher for joint same-sex customers.
“That’s not an insignificant amount, and could ultimately be the cause of women’s delayed entry into property,” said Mr Symond.
All-male loans were also found to more likely take out investment loans versus all-women loans predominantly being fixed interest loans.
Most popular suburbs for same-sex home loans
Aussie research found that the inner-west suburbs of Melbourne and Sydney are most popular for same-sex couples.
“Melbourne’s Yarraville, Craigieburn and Brunswick are Australia’s top three suburbs for joint female loans, while Sydney’s Redfern, Surry Hills and Newtown are the most popular for joint male loans,” said Mr Symond.
Top suburbs for joint male loans
Top suburbs for joint female loans
Source: Aussie Home Loans
Disclaimer
This article is over two years old, last updated on November 9, 2018. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.
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