PHOTO: Increased home construction is presenting home seekers with more opportunities to buy. Source: Supplied

The majority of home seekers say they don’t know enough about key parts of the real estate buying process, despite plans to spend their life savings on a property, new research shows.

It’s the biggest purchase they will ever make but the majority of Aussie home seekers admit they know little about how the property market even works.

A recent survey of more than 1000 homeowners currently in search of their next property revealed the bulk did not understand a variety of key financial concepts and were scrambling to educate themselves.

Almost half of those surveyed said they did not know exactly what an offset account was, nor did they fully understand what equity was.