Home loans customers 'should look at a variety of properties'

Home loans customers should not limit themselves to certain areas or property types when considering which abode to purchase, an expert has stated.

Angie Zigomanis, from research and forecasting group BIS Shrapnel, told the Sydney Morning Herald that many may find that they are in a better position when it comes to purchasing property than they were in 2008.

He explained that prices and rates have eased over the last three years.

While interest rates have fallen and the market may be more suitable for prospective buyers, Mr Zigomanis said those taking their first step on the ladder should not limit themselves too much when searching for their first home.

"Rather than getting the same house in the suburb they are already renting in, they may get something smaller like the townhouse or move to a more affordable suburb, an outer suburb," he advised.

Earlier this month, the BIS Shrapnel Residential Property Prospects 2011-14 report indicated that house prices are likely to remain relatively stable in the coming years.

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