The September housing finance figures released in early November by the Australian Bureau of Statistics (ABS) show that first home buyers are continuing to make their presence felt in the housing market, according to the Real Estate Institute of Australia (REIA).
“The proportion of first home buyers, as part of the total owner-occupied housing finance commitments, increased to 17.4% and this is the highest proportion since November,” said REIA President Malcolm Gunning.
Angus Raine, Executive Chairman, Raine & Horne said a combination of low-interest rates and state government incentives were proving pivotal in attracting younger Australians to home ownership.
The Reserve Bank left the official cash rate at 1.5% in early November, and Angus noted that a rate increase is now at least 12 months away. “Historical low-interest rates present a valuable opportunity for first home buyers to shop around among the lenders to land the best home loan rate possible,” he said. “If you’re unsure about where to start the home loan journey, it might be worth seeking the advice of a finance specialist such as Our Broker.” To contact a mortgage specialist from Our Broker, call 1800 913 677.