Men outpaced women in the growth of solo real estate journeys in 2024 according to leading finance brokerage Loan Market.

The number of women who took out mortgages as single applicants increased just 1% over 2024 compared to the 12 months prior, according to data from the brokerage.

In contrast, the volume of single male applicants increased 9% and multi-applicant loans increased 8%, the brokerage reported.

Reduced borrowing capacity and building a deposit amidst a cost-of-living crisis impacted the confidence of women, brokers reported.

Ahead of International Women’s Day - ‘Accelerate Action’, Loan Market has released its top tips for single women to get into the market (See following list).

Women lack confidence in their buying journey

Karina Beutel, 35, (below) approached her broker, Taryn Howe from Loan Market, in May last year.

“I was really frustrated: I was in my mid-30s and really didn’t understand how you could get into the property market without having a guarantor,” the project manager said.

“Taryn showed me a few different scenarios, looked at my earnings and helped me figure out a budget, what sort of deposit I’d need and showed me I could actually buy something that I wanted.

“We put a plan in place over the next seven months to save-up for a deposit. 

“On January 2, I was informed that my landlord was going to be moving into my rental; by January 7, Taryn had secured a pre-approval. I’ve now purchased a two-bedroom unit for $605,000 in South Melbourne, about two buildings down from where I’ve been renting.”

Ms Beutel added: “In the property hunt, I met some real estate agents who probably underestimated my ability, as a single woman, to buy. There were a couple of times when agents told me one thing about the market, but Taryn had provided me with suburb property reports so I was properly informed about comparable pricing”.

Ms Howe said Ms Beutel’s frustration was something she regularly encountered with women who were borrowing on their own. 

“Karina is a professional earning a good wage but she initially thought she had no chance of buying into the market,” said Ms Howe.

“I think a lot of single women hear and read about the challenges and don’t give themselves the opportunity to explore options on their own. From our first phone call, I was able to show Karina what her borrowing capacity was, how she could secure a stamp duty concession as a first home buyer and what sort of deposit she’d need.”

Security in ownership 

CoreLogic released its annual Women and Property Report recently, highlighting the different motivations for women and men to buy real estate.

In the CoreLogic poll, 32.2% of women said they preferred buying to renting compared to 27.4% of men; 26.9% of women said they ‘didn’t want to be beholden to a landlord’ compared to 23.3% of men.

Ms Beutel said: “I didn’t want to be exposed to rises in the rental market anymore. My mortgage repayments are more than what I was paying in rent, but I now have an asset that’s mine.”

Tips for women to get into the market

1. Check your credit report

You can get a free copy of your credit report. It is a good idea to check there are no mistakes and all listed debts are correct. If anything is incorrect, you can request them to be fixed by the credit reporter.

2. Review your spending

If you spot unused subscriptions in your bank statements or unnecessary spending, cut them out to show you are responsible with your spending. It can also help to create a budget to see areas for improvement.

3. Pay off debt

Make sure you keep up with any debt repayments and consider making additional repayments where you can. It is also a good idea to pay off any buy-now-pay-later debts to reduce the amount of credit you are owing.

4. Consolidate debts

It can be worth reviewing your debts to see if consolidating them could save you money. This can include home loan, car loan, credit cards and personal loans.

5. Eliminate extra credit

If you have credit cards in your name that you are not using, it can be helpful to cancel them. This is because the lender will look at the amount of credit you can access, which can reduce the amount they are willing to lend you.

6. Family Home Guarantee

The Federal Government has made 5,000 Family Home Guarantees up until 30 June 2025 to eligible single parents with at least one dependent child, subject to their ability to service a loan. Eligible single parents with at least one dependent child can build a new home or purchase an existing home with as little as a 2% deposit.

7. Demonstrate genuine savings

Cash gifts or an inheritance, while helpful to boost your deposit, won’t be considered toward the lender’s assessment of your saving habits. Do your best to make regular deposits into your bank account to show you can save.

8. Work with a broker

An experienced broker knows lenders’ policies and what they look for in an application, and can help you not only apply for a suitable loan but also help you put your best foot forward.