MORE than 90 per cent of women play a key role in buying a house and yet they are still discriminated against by the mortgage industry, according to a survey by Wizard Home Loans. Thirty six per cent said they were solely responsible for the final decision in choosing a home loan, while another 61 per cent said they were jointly responsible, with only three per cent saying they were not responsible for the final decision. Wizard chairman Mark Bouris said women were the driving force behind the mortgage industry and yet many were still being discriminated or preyed upon by dodgy home lenders mortgage or brokers. "She holds the purse strings and her purse is getting bigger," Mr Bouris said. "If she is the household accountant and household manager, the mortgage that we provide to that household needs to meet her needs and not his needs because she is the one who is dealing with it." He said women wanted mortgages that were flexible for changing life needs – particularly when starting a family – and wanted lenders that could properly understand their needs and situations. Wizard plans to conduct a training program for its mostly male sales force to better educate them in meeting the needs of female home lenders. He said that women were becoming increasingly independent with larger incomes. "We're hoping that this would challenge other lenders as well to recognise that position," he said. The research was released today along with a new website dedicated to helping women make better financial decisions when buying a house. Wizard's survey was conducted with 10 in-depth interviews and 1000 online surveys.
A survey by the home lender found that 94 per cent of women regarded themselves as the household manager.
Thirty six per cent said they were solely responsible for the final decision in choosing a home loan, while another 61 per cent said they were jointly responsible, with only three per cent saying they were not responsible for the final decision.
Wizard chairman Mark Bouris said women were the driving force behind the mortgage industry and yet many were still being discriminated or preyed upon by dodgy home lenders mortgage or brokers.
"She holds the purse strings and her purse is getting bigger," Mr Bouris said.
"If she is the household accountant and household manager, the mortgage that we provide to that household needs to meet her needs and not his needs because she is the one who is dealing with it."
He said women wanted mortgages that were flexible for changing life needs – particularly when starting a family – and wanted lenders that could properly understand their needs and situations.
Wizard plans to conduct a training program for its mostly male sales force to better educate them in meeting the needs of female home lenders.
He said that women were becoming increasingly independent with larger incomes.
"We're hoping that this would challenge other lenders as well to recognise that position," he said.
The research was released today along with a new website dedicated to helping women make better financial decisions when buying a house.
Wizard's survey was conducted with 10 in-depth interviews and 1000 online surveys.
