Home loan prospects to improve for first-time buyers?

Low-interest home loans for first-time buyers could be in demand, after it has been revealed by one publication that house prices in Australia are expected to be cheaper this year.

Mortgage brokers have told the East Torrens Messenger that individuals who wanted to get on to the property ladder in 2010, but who failed to do so, may now get a helping hand.

And low-interest home loans could be one way to financially support those looking for their first home, as acting state manager at Mortgage Choice Melissa Burt reckoned rates will remain stable for the next 12 months.

Combined with declining house sales, buyers may finally get on to the elusive first rung as lenders attempt to kick-start the property market.

Such a move could see more home loans available for Aussies, who will need to stump up less of a deposit.

More than half of Australians believe that a potential hike in rental costs is a good enough reason to try and purchase their own home, a recent Mortgage Choice study found.

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