Home loans: 'Property still the great Australian dream'

Tuesday 20 October 2009

Article by Mozo

Buying property is still an aspiration of many Australians, it has been claimed in news that those looking for low interest home loans may be keen to learn.

According to Resi consumer advocate Lisa Montgomery, there are options available to those hoping to purchase a house but may find it difficult financially, News Limited reports.

She said the recent interest rate rise will not put people off buying, although it may make them more cautious.

Ms Montgomery advised people to ensure they have a two per cent buffer when they go in for a purchase in order to prepare themselves for future increases.

She also suggested acquiring a home loan with a partner or friend could be a way to lessen the monetary impact on the individual homebuyer.

"Property is still the great Australian dream and for many people without a partner and a dual income it really is very hard to break into the market, but sharing a purchase is an option that we expect to continue," she commented.

Reserve Bank of Australia assistant governor Philip Lowe asserted this week that house hunters have been aware that interest rates were going to rise since the drop to three per cent was an emergency measure.

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