Hope all is good in your world, and like everyone out there you are digging in making the best of the current climate in the world. A few deals settling this month, and a couple of my customers finding the properties they were looking for so not a bad start for April coming up.
Once the craziness of the election is over, maybe, just maybe, people will step away from the “on-hold” syndrome we have at the moment. A change is as good as a holiday they say, so it looks like a holiday is on the way, if you believe the polls!!
A bit of news story to pass on, but if you want to be happy and feel good on a Friday, click on the youtube link at the end of this email!!!
MFAA – Research:- Men versus Women’s Saving Habits
The MFAA wants homebuyers to stop missing out while saving for a deposit –win $1,500 towards your home!!
Males are more likely than women to make sacrifices in their lifestyle to save for a home or apartment deposit – with the top three sacrifices being reducing costs at home, eating out less often and taking lunch to work, according to the Mortgage Finance Association of Australia (MFAA).
The research shows 62.6 per cent of males are more prone to change their lifestyle/habits to save for a deposit, compared with 48.8 per cent of women, while 61.6 per cent of males are prepared to eat and go out less compared with 45.7 per cent of women.
The top three sacrifices both men and women make are reducing home costs (54.2 per cent); eating or going out less often (51.9 per cent) and taking lunch to work (50.5 per cent). Buying food in bulk or on special (49 per cent) and taking cheaper holidays (41.5 per cent) make up the top five sacrifices people make when they are saving for a deposit.
This research also shows that other sacrifices being made by deposit savers include life’s simple luxuries like not purchasing shoes, coffee and cakes and cinema tickets, as well as make-up.
Whilst making these sacrifices, prospective home buyers are saving more than ever – on average around $15,500pa, which represents 16% to 23% of their take home income. Thirty-eight per cent of this group say that they will buy in the next 12 months.
The research results have inspired the MFAA to launch a national social media competition, with a $1,500 cash prize for one lucky entrant who reveals what they’re missing out on while saving for a loan.
The competition, to run from March 6 to April 16, will run via the Essentials of Borrowing Facebook page and can also be found through the MFAA website and on www.essentialsofborrowing.com.au.
CEO of the MFAA, Mr Phil Naylor, said “The research shows that first home buyers are making a range of sacrifices to save up for a deposit, which can make a big difference over a relatively short period of time. The $1,500 first prize equates to 430 coffees or 150 takeaway lunches, so even these small sacrifices can help you reach your goal earlier.”
“We encourage everyone to join our competition and visit www.essentialsofborrowing.com.au, not only for the chance to win the prize but also to access to the top 40 borrowing tips for a home, an investment property or for answers on business lending. You can also search for a broker in your local area”, he added.
The MFAA is encouraging all of its 11,400 accredited members, the majority of whom are mortgage brokers, to become ambassadors for the competition and encourage their existing and potential clients to enter the competition and visit the website.
The MFAA is an established trusted source of information for borrowers, with its members adhering to a strict industry code of practice, which sets high professional and ethical standards.
Finally it is Friday, click on the link and have a sing and dance around the office!!!