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Targeting Gen Y for Home Loans
Retail Finance Intelligence (RFI), Dec 2009, Pages: 27
RFI has produced a series of reports which focus on Generation Y (Gen Y) and their characteristics throughout different areas of retail banking. This report examines the place of Generation Y in the mortgage market by examining the results of a survey of 2,000 mortgage holders. Areas discussed include the research channels used for finding a mortgage, the features valued by Gen Y mortgage holders, how a lender is chosen and Gen Y’s stance on property investment.
Scope and methodology
The report uses data from a June 2009 survey of mortgage holders conducted by RFI.
This survey:
- Is nationally representative
- Contains the responses of 2,000 mortgage holders
- Addresses a number of issues affecting mortgage holders, including consumer sentiment, market share, loan characteristics, research channels and loan features
Highlights
- There are distinct groups of Gen Y mortgage holders who are struggling with repayments as well as those who are coping and even making large overpayments of more than 50%.
- Gen Y displays a higher level of concern and awareness of current economic conditions than average, and shows a high level of concern in regards to both interest rates and the current economic environment. These findings disagree with the belief that Gen Y is irresponsible and carefree with their finances. Gen Y are also much more likely to fix their loans within the next 12 months compared to the average, as well as slightly more likely to currently hold fixed rate loans.
- Gen Y mortgage holders held a particularly optimistic view of investing in property within the next 12 months, with 26% of Gen Y mortgage holders planning to purchase an investment property in this time. Gen Y’s usage of internet research channels, combined with the likelihood of using and giving recommendations, presents an opportunity for lenders in terms of internet presence and viral marketing.
Reasons to read this report
- Understand the economic outlook of Gen Y
- Gain insight into the mortgage characteristics of Gen Y borrowers, including how they are coping with this important financial commitment
- To learn which features Gen Y value in terms of flexibility, which channels are used for research and why lenders are chosen or considered
Country covered: Australia
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