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According to Helia, a provider of mortgage insurance (LMI) in Australia, more than three-fifths of first-time homebuyers opt to purchase property through brokers. The study, titled "2024 Helia Spotlight," conducted by CoreData research agency, surveyed 1,015 Australian homebuyers to understand their buying behaviors, attitudes, and future plans.

The research indicates that 56% of first-time homebuyers choose to leverage the services of mortgage brokers for their property transactions. Key reasons include brokers' ability to secure more favorable loan terms (45%), simplify the loan application process (41%), alleviate stress during the purchase process (39%), and benefit from brokers' extensive experience and professional knowledge (36%).

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Greg McAweeney, Chief Commercial Officer at Helia, commented on the study's findings, stating: "As the first point of contact for many aspiring homeowners, mortgage brokers play a unique and crucial role in helping more people achieve their housing dreams."

"With the real estate market becoming increasingly complex, mortgage brokers not only provide support and guidance to homebuyers but also open up new avenues for them to explore options they hadn't previously considered."

The study also reveals that while homebuyers are enthusiastic about owning their homes, 88% of respondents find accumulating the required deposit increasingly challenging, and 89% of first-time buyers believe that achieving their first home purchase is now more difficult than ever.

In response to these challenges, first-time homebuyers are actively exploring alternative pathways into the property market. Helia's research highlights that 92% of first-time homebuyers are considering using mortgage insurance (LMI) to aid their property purchases, significantly up from 73% last year. Furthermore, 55% of buyers have successfully purchased a property through LMI, up from 36% in the previous year.

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Greg McAweeney explained: "Mortgage insurance (LMI) provides homebuyers with a pathway to homeownership without needing up to 20% deposit, enabling them to enter the property market, consider larger properties, and start accumulating assets faster."

"In our research, it's heartening to see that most homebuyers demonstrate strong resilience in the face of current market challenges and actively explore various alternative methods to realize their homeownership dreams."

Additionally, the study found that 45% of first-time homebuyers expressed potential reliance on the "Bank of Mum and Dad," while 48% plan to utilize government home purchase assistance programs, though only a third of buyers actually utilized these aid programs, possibly due to eligibility restrictions or other factors.