Interest rates make home ownership a stellar idea

Thanks to the combination of low home loan interest rates and first-home buyers grants, there has never been a better time to buy a home, one commentator has claimed.

According to the chief exec of the Housing Industry Association Chris Lamont, the interest rate cutting bonanza and the extension of the first-home buyers grant have made property more affordable than at any point since 2002.

Commenting on figures collected by his company and the Commonwealth Bank of Australia, Lamont insisted that despite the depth of the downturn, "there has never been a better time to enter into home ownership".

"The grant has been highly successful in creating and securing jobs in the residential construction sector," he added.

The Reserve Bank appears to be taking a break from the interest rate cut flurry seen in the months since the onset of the financial crisis last September and this month voted to keep interest rates on hold at an even three per cent.

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