Single female mortgage applicants on the rise in Australia, data shows

When Louise Anderson bought her two-bedroom villa in Miranda, as a single woman, she was ahead of the curve.

But the Australia Post manager is now in good company, as girl power sweeps through the property market.

Data points to a surge in single female mortgage applications in the last four years – in some instances well above single males.

Ms Anderson scrimped and saved in 2005 after the breakup of a relationship, to put herself back in the Sydney market, but says it is the best thing she’s ever done.

“Y ou’re parting with money, but not to pay off someone else’s house,” said Ms Anderson.

“It gives you that sense of independence to be able to know you can do things by yourself and you don’t have to rely on someone else.”

Last year, individual female mortgage applicants made up 11.22 per cent (11,776 people) of all applications through Aussie Home Loans’ panel of 20 lenders, which includes the big four banks. Individual male applicants made 12.34 per cent of total applicants – just 1178 more.

Ms Anderson says buying her own property has given her a sense of independence, as she doesn’t have to rely on someone else. Photo: Chris Hopkins

It’s a significant rise on previous years. In 2013, the gap between male and female applicants was more than 2000 and in 2012 more than 4000 applications were submitted by men over women.

The picture is further backed up by drilling down to lender ME’s data.

Single female applicants have been above single male applicants with ME for four years and the trend is gaining pace. Single females rose from 17.08 per cent of all applications in 2012 to 19.37 per cent in 2015. Single males grew from 16.25 per cent to 17.93 per cent.

Aussie Home Loans chief executive James Symonds said lending decisions were based purely on numbers.

“Maybe 30 years ago it was different but it’s 2016 – it’s based on your financial merits, not upon your gender,” he said.

The percentage of individual applicants as a total of all applications began shrinking since 2012. Mr Symonds put this down to affordability and stricter serviceability criteria, which led applicants to team up with siblings, parents and friends, as well as partners.

‎Research fellow at Swinburne University’s Institute for Social Research Andrea Sharam  said discrimination against women in housing loans still occurred into the early 1990s, but believed a cultural shift largely changed perceptions that women were not good financial managers.

“It’s appalling to suggest women are more financially illiterate than men,” she said.

“I think younger women in particularly are now thinking about housing as something they do as a part of their life plan … it doesn’t matter if they get a partner or not.”

Data from online comparison website Canstar shows while the majority of people visiting their site last year were men, women aged 18 to 34 were significantly more likely to be searching for home loans than men in that age bracket.

And yet women still face a more precarious financial situation over the course of their lives than men, according to Workplace Gender Equality Agency director Libby Lyons.

Ms Lyons said her agency’s data showed women working full-time on average earn $27,000 less per year than men on total remuneration. She noted women were also more likely to work part time and take time out of the workforce to care for children.

For Ms Anderson, her property purchase 11 years ago has put her in the box seat to buy another investment property in the near future.

“I’d [tell young women] to just do it – don’t wait because there’s never a great time. If you have even a small amount, just have a go.”