“While optimism about getting on the ladder has lifted, many Kiwi still feel locked out. Yet, true to Kiwi spirit, they’re willing to adapt and compromise to achieve their dream of home ownership.”
Barriers to ownership
The main difficulties in getting on the ladder were named as the cost of living, high house prices, and difficulty in saving a deposit.
Jurkovich said the survey showed would-be owners being more adaptable in finding ways to buy a property.
“That includes exploring non-traditional pathways like co-ownership ... or relocating to a different region.”
Other options included buying a smaller house, moving in with family and friends to save money, and going overseas.
Younger age groups – 18-29-year-olds (Gen Z) and those between 30 and 44 (millennials) – were the most eager to buy a house and the most confident of eventually doing so.
Jurkovich said once people had bought a house they were determined to pay off the mortgage, with a third saying they were in better financial shape than a year ago and 82% saying it was their top priority.
“Around 40% of our fixed-rate home loan customers are making extra payments each month, putting them on track to clear their loans sooner. It’s a strong signal of Kiwi commitment to financial security.”
He said lower interest rates and the easing in the loan to value ratios should benefit would-be home buyers.
- RNZ
