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.
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