First Home Buyers Have The Best Opportunity Ever!
Posted on: 4 Aug 2020

First Home Buyers Have The Best Opportunity Ever!

"The First Home Owner Grant and the recently introduced HomeBuilder Grant can really help a lot of Australians get into their first home sooner. Talk to one of our property specialists to find out if this massive opportunity suits you!" - Catherine Mapusua, General Manager

Queensland is leading a national surge in inquiries about taking out a home loan, with financing conditions the best they’ve ever been.

Data from Aussie Home Loans, a mortgage lender, showed that 31 per cent of inquiries came from Queenslanders, followed by Victoria and Tasmania (25 per cent), and New South Wales and the Australian Capital Territory (24 per cent) in June.

However, separate research revealed that seven out of ten first homebuyers were failing to take advantage of the positive market conditions because they did not know how to go about it.

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Of those surveyed, 58 per cent said they were “struggling to navigate the mortgage market, often feeling overwhelmed and confused”, while 90 per cent admitted to not knowing what the Federal Government’s First Home Loan Deposit Scheme was, despite it being only one of several schemes designed to help first homebuyers on the market.

Most of the respondents (81 per cent) indicated they needed financial guidance, with 65 per cent planning to turn to a mortgage broker for help.

Aussie Home Loans chief customer officer David Smith said “overwhelmed” was the number one word respondents used.

“There’s so much to consider from, choosing the right place, to then trying to get the finances lined up. We find ourselves in an environment that was already a bit stressful and confusing and then we’ve had bushfires, floods and pandemics to make everyone a bit more anxious. Ironically, if you’re in full-time employment, you’re in a great position. Interest rates are as the lowest they’ve been in history and conditions are the best they have ever been for first homebuyers.”

“Getting on the property ladder is within arm’s reach for anyone if they dedicate themselves to growing their savings, but confusion around what can help Australians get there more quickly and easily is stopping many aspiring buyers from achieving their goals.”

First Home Buyer Tips:

1. Don’t be put off.

2. Find the right person to give you the guidance.

3. Find out what’s available to you from all the schemes.

Source: https://www.realestate.com.au/news/best-time-ever-for-first-home-buyers-but-many-still-in-doubt/

Foster, S. (2020, July 27). Best time ever for first home buyers, but many still in doubt. Retrieved from https://www.realestate.com.au/news/best-time-ever-for-first-home-buyers-but-many-still-in-doubt/