first home buyers loan

First Mortgages No Longer for the Young

More Australians are buying houses later in their lives.
As a new mortgage survey suggests, a new social trend is emerging in the mortgage market. The survey found, “37% people looking to purchase their first home in the next five years will be over the age of 40”, jumping 28% from last year.

This new trend signifies a shift in the way people are using and spending their money. With the current climate of inflation and rising living costs, people can no longer afford to fund mortgage repayments earlier in life. As Mortgage Choice Survey Spokesperson Kirsty Sheppard explains, people are focussing on other life goals such as career and travel, before entering the property market. […]

By |May 24th, 2011|Categories: First Home Buyer|Tags: , , , |Comments Off on First Mortgages No Longer for the Young

First Home Buyers See Home Loan Inflation

In the past two years the average home loan amount for first home buyers has risen by 23% showing home loan inflation. This increases fears as the Government incentives for young buyers have been said to be falsely inflating the market.
The average home loan amount increased from $228,600 to $280,600 a massive $52,000 in just two years. The significant increase in first home buyers in recent months has seen first home buyers become an important part of the residential home loan market.

The actual number of first home buyers also rose sharply; rising from just over 9,000 to more than 14,400 in the past year. With so many first home buyers entering the market home loan inflation could make it harder to buy.

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By |May 23rd, 2011|Categories: Home Loans|Tags: , |Comments Off on First Home Buyers See Home Loan Inflation