A study by BankWest, a subsidiary of the Commonwealth Bank of Australia, revealed that nearly 31 percent of Australians are “financially unfit” to apply for a home loan.
The study also found that only 17 percent of Australians are financially capable of obtaining a mortgage.
Those who were fit for mortgages had regular savings, high asset levels relative to their income and debt, as well as low residential costs and a variety of insurance.
Individuals struggling to obtain suitable financing to buy property might want to compare mortgages online to find those appropriate to their situation and budget.
Earlier this month, Grattan Institute economist Saul Eslake told the Early Morning Herald that Australians are beginning to take greater care of their finances.
This could mean that more people can be expected to put down a deposit on a property in the coming months.