A recent property report has shown that home affordability is better now than a year ago. The Housing Industry Association and Commonwealth Bank First Home Buyer Affordability index was 41% higher than in the corresponding period a year ago.
However the dream of home ownership has become tougher over the past couple of months with the index declining by 5.1% to 152.5 points in the June quarter from 161 index points in the March quarter.
Home Loan Rates
Further drops in interest rates and moderation in house prices in some regions drove continued improvement in housing affordability. Low interest rates, a recovery in home building and a wind back in the boost to the first home owners grant would keep some pressure off house prices.
Households would require a yearly income of $79,300 to buy a median first home price of $419,900 with a mortgage of $336,000, the report said.
Whether you are looking to upsize, downsize or invest, at Australian Lending Centre, we have a wide range of home loans to suit everyone. We offer competitive home loan rates to first home buyers, the self employed (including low doc loans), property investors and those simply wishing to refinance an existing loan.
Contact the Australian Lending Centre right away to hear about your options for a home loan. We offer no obligation, free assessments. Simply fill in the enquiry form on the right or call to speak with a consultant today on 1300 138 188.