First-home buyers on the charge

First-home buyers on the charge

First-home buyers are descending on the housing market following the recent rate slashes, ending months of low house sales activity.

Speaking to Australian Associated Press, Mark Hewitt, AFG general manager sales and operations, said that there has been a sharp increase in the number of enquiries made by first-home buyers.

Figures from the home loans broker show that the number of mortgages offered to first-timers has shot up 120 per cent in the last three months, during which time the base rate of interest has had been cut down by a staggering 275 basis points.

“Property prices in many areas have become more affordable. And buyers are keen to take advantage of generous government incentives while they’re still on the table,” he said.

He added that there is a likelihood that interest rates may go even lower in the new year, further supporting the rush of first-home buyers keen to enter the market.ADNFCR-1761-ID-18918205-ADNFCR