Lenders mortgage insurance (LMI) provider Helia has released new research showing that while first home buyers (FHBs) are increasingly worried about how the cost of living is impacting the ability to purchase a home, 71 per cent of home buyers believe that now is a good time to buy and the vast majority would use a broker to access finance for their purchase.

The 2024 Helia Home Buyer Sentiment Report – which is based on a survey of 3,002 home buyers conducted by research agency CoreData in August – revealed that many home buyers need support through the home buying journey.

According to the Helia report, more than half of FHBs said they lacked familiarity and needed support to successfully navigate the complex home buying process, particularly when it came to researching and understanding options (57 per cent); understanding affordability; and navigating the financial aspects such as savings, deposit options, borrowing capacities, and loan availability.

Almost half (45 per cent) of first home buyers said they found it difficult to research which loans were best for them and over half (52 per cent) anticipated challenges in obtaining the loan they need.