Tough going to get a loan

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WHILE “stratospheric” property prices have been blamed for Victoria’s housing affordability crisis, an inability to save remains a major roadblock for many aspiring homeowners.

With mortgage providers tightening their deposit requirements in the wake of the global credit crunch, property experts have warned generation Y to learn to save or forget home ownership.

Catherine Cashmore, of JPP Buyer Advocates, said the art of saving cash was lost on most Gen Yers.

“The ones that do save are an unusual breed,’’ Ms Cashmore said. ‘‘They’re people who have really set their sights on the Australian dream and 90 per cent of people in that age bracket would prefer to spend their cash on iPhones and holidays and living close to the nightlife.”

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