Resources in Punjabi, Arabic, and Simplified Chinese are available on the firm's website
Australia is celebrated for its cultural diversity, with over one-fifth of its population speaking languages other than English at home.
To bridge the language gap in the property market, Helia has launched lenders mortgage insurance (LMI) fact sheets and infographics in Punjabi, Arabic, and Simplified Chinese. This initiative aims to aid insurers, brokers, and businesses seeking to understand the challenges and solutions in home buying for non-native English speakers.
In 2021, data from the Australian Bureau of Statistics showed that 22% of Australians use languages such as Mandarin, Arabic, Vietnamese, Cantonese, and Punjabi at home. Recognizing the potential barriers posed by these linguistic differences, Helia has made LMI information more accessible.
Greg McAweeney (pictured above), the chief commercial officer at Helia, highlighted the importance of inclusivity in the property market. He noted that a deeper understanding of mortgage insurance could greatly simplify the home buying process for first-time buyers, regardless of their linguistic background.
The recent 2024 Helia Spotlight survey underscores the challenges faced by first-home buyers, with 89% stating that purchasing their first home is tougher than ever, and 88% finding it harder to save for a deposit. These insights underline the need for comprehensive support tools tailored to diverse backgrounds.
Helia's translated materials aim to explain what LMI is, how it functions, and how it can expedite access to the property market.
These resources, available on Helia’s website, are part of a broader commitment to enhancing the usability of their LMI library. Over the coming months, Helia plans to continue expanding its offerings to improve understanding and accessibility for all prospective homebuyers.
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