Number of First Home Buyers Nosedive

In an article for the website The Adviser, Nick Bendel talks about the precipitous decline in the number of First Home Buyers. In fact, AFG Brokers, a reputed firm in NSW reports that only 1.9% out of the total number of mortgage applicants in NSW in the month of November were First Home Buyers.

First Home Buyers not doing well

Over a pan-national scale, their numbers dropped from 10.3% to 7.3%, calculated at the same time of the year. Barring Western Australia, the FHB numbers have come down dangerously and a lot of it can be put down to the scrapping of the FHB grants. In WA, there is a $10,000 government grant for new properties and $3,000 for established properties.

Mortgage volumes on a rise

Amidst falling fortunes of First Home Buyers, the mortgage volumes have kept coming up. AFG, for instance, reported a 7% annual increase. Average loan-to-value ratio jumped up by 0.7% while the average loan size increased by 4.2% during the same tenure.

You can read the original article here.

It is all the more important for first time home buyers to get a team around them of experienced, reliable professionals. If you are planning to purchase a home in Sydney’s eastern suburbs, why not give me a call today and see how I can help you find the right home at the best price?