First home buyers at a six-year high

First home buyers have claimed the most significant slice of the housing finance pie in almost six years, according to ABS housing finance figures released earlier this month.

Savvy first home buyers have made the most of lower interest rates, and now represent  18.1% of new home loans in June – the highest proportion since October 2012, according to one industry report. Moreover, the average loan size for first home buyers has also hit a record high of $349,800, according to comparison website, RateCity. 

“Better tax incentives, softer buying conditions in some markets and lower interest rates are combining to create a perfect storm for first-time buyers,” said Angus Raine, Executive Chairman, Raine & Horne.