Single home loan applications fall
Singles could join forces with someone who is not their romantic partner or tap into the bank of mum and dad to help them buy a home, according to ME Bank.
The industry superannuation fund-owned bank found the number of single home loan applications fell by nine points to 35 per cent of all loans over the past two years.
It said the average loan size for single-mortgage applications increased by nine per cent to $355,000.
Single females were found to be significantly worse off than men as single female loan applications dropped by 14 points compared to only five points among single men.
ME head of home loans, Patrick Nolan, said: "But being single is not a reason to delay or forgo home ownership. Buying your own home is one of the smartest decisions you can make".
"There are number of strategies you can deploy such as investing or tapping into the bank of mum and dad," he said.
"Alternatively, joining forces with someone who isn't your romantic partner such as a friend or family member."
New South Wales-based singles had the greatest jump in the average loan amount, which rose by 16 per cent to $422,000, followed by Victorian singles by 11 per cent to $348,000.
"Even as part of a couple, east coast property prices are out of reach for many Australians," Nolan said.
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