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A new survey has revealed that more than half of first home buyers are concerned about being able to qualify for a home loan.
According to the survey by comparison website finder.com.au, 56 per cent of first home buyers surveyed said one of their biggest worries about entering the property market was the prospect of gaining a home loan.
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Bessie Hassan, spokesperson at finder.com.au, said the highest proportion of people worried about buying their first home were aged 30-35.
"Buying your first property can be an overwhelming process and these fears can become both emotional and financial hurdles for those trying to get onto the property ladder," she said.
"One in three Australian first home buyers admitted to needing help from their parents in order to break into the property market, whether this be financially, or whether it means having them as a guarantor or landlord."
The survey found the biggest fear for first home buyers is missing out on their dream location, with 72 per cent of participants selecting this option.
This was followed by 70 per cent of participants who said paying too much for a property is their next biggest worry.
Sixty-four per cent said they are apprehensive about ongoing maintenance costs, while 62 per cent said they are concerned about saving for a deposit.
The survey also revealed 64 per cent of first home buyers are currently looking for a home to live in, while a further 19 per cent are looking for an investment property that they plan to move into later.
Just 16 per cent are after an investment property in which they have no intention of living in.
Almost one in five participants are looking to purchase property within the next six months.
"Those house hunters earning $70,000-$80,000 are most likely to buy within six months, while those who make $100,000-plus per year were most likely to buy in one to two years," Ms Hassan said.
"Low-income earners – those with an income of under $30,000 – make up the highest proportion of buyers looking to purchase in two years or more."
The survey found that the most common arrangement for those earning under $30,000 was buying with the assistance of both a partner and parents.
[Related: MoneyQuest issues warning to FHBs]
