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You would think people purchasing their second home would be well in the know about the process. But some surprising new Westpac statistics show this is not the case.
The Westpac findings
According to Westpac’s latest Home Ownership report, almost half of ‘next home buyers’ have no clue when it comes to a number of important financial concepts.
The report found:
- 49% didn’t understand the meaning of term ‘equity’
- 48% failed to grasp the concept of an offset account
- 41% didn’t know what refinancing meant
Another key finding related to auctions with 56% of survey respondents saying they were too scared to purchase a property via this method.
Considering these buyers have already been through the process of a buying a home, it’s quite alarming to discover this significant education gap around basic purchase fundamentals.
More Aussies looking to the professionals for help
As buying property is a major life decision with huge financial ramifications, it’s natural you want to get it right. The best way to do this is to educate yourself about the home buying process.
If that sounds a little daunting, other great option is to seek out some expert advice. If you do, you’ll be in the same boat as 73% of respondents from the Westpac report. They said they’d gladly turn to the professionals – such as mortgage brokers – to further understand the nuances involved in obtaining finance and buying their next home, and ensure they got it right.
Lean on us
Should you find yourself needing to fill knowledge gaps in buying your next home or investment, we can help. With many years of experience behind us, we can assist in navigating the sometimes tricky terrain of purchasing another property.