Aussie first-time buyers 'rushing for home loans'

Monday 09 November 2009

Article by Mozo

First-time buyers are rushing to obtain home loans in order to take advantage of the government’s First Home Buyer Grant.

This is the news.com.au analysis of the Australian Bureau of Statistics (ABS) figures, which revealed a five per cent increase in mortgage demand throughout September.

In addition, the market proportion of people purchasing their first property rose from 24.7 per cent in August to 26.1 per cent the following month.

Those looking to compare low interest home loans may be interested to hear that the ABS report also showed fixed-rate mortgages as a percentage of total owner-occupied housing finance commitments dropped from 6.3 per cent to 5.6 per cent in the respective months.

ANZ economist Alex Joiner said this represents "one last surge" on the part of those getting onto the property ladder, according to a research note cited by the news source.

"This is not only as the grants are wound back but also as interest rates rise," he added.

Last week, the ABS published a report that demonstrated an improvement in the number of building approvals in September.

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