First homebuyers getting older: Mortgage Choice

One in five first homebuyers is now aged 40 or over, according to a Mortgage Choice survey of 1000 Australians who plan on buying their first home in the next two years.

Around two in five fall into each of the 18-29 and 30-39 age brackets, the 2012 Mortgage Choice Future First Homebuyer Survey found.

Overall the number of first homebuyers aged 30 or more has increased from 54 per cent to 61 per cent since last year's survey. 

The average time spent saving has also increased, up from 1.8 years to two years, with respondents saving an average of 26 per cent of their monthly after-tax income for the purchase, the survey found.

"It is interesting to see more first homebuyers are saving for longer and purchasing later in life, perhaps when they are in a better financial position, have researched their ideal location well and are keen to settle into a property they will call home for many years to come," said Mortgage Choice spokesperson Belinda Williamson.

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The survey saw a jump in the number of respondents who saw job security as their greatest concern, while fears over rising house prices and the impacts of interest rates dropped significantly.

The biggest barriers to entry for first homebuyers were rising living costs (37 per cent), rising property prices (20 per cent) and the impact on savings of rising rental costs (13 per cent). 

The number of people looking to buy with a partner rose from 61 to 66 per cent, and the number who indicated they were likely to use a professional broker increased from 25 per cent to 32 per cent.