Home Loans & Mortgages

The Reserve Bank is ready to pull the trigger on interest rates. Inflation is getting a bit on the high side and unemployment looks like falling even lower, so the RBA will feel compelled to raise rates. However if the CBA and other baks follow suit, then they will have done the RBA’s job, and official rates could remain as they are for now.

Accumulative home loan mortgage interest rate rises, coupled with higher home prices around Australia have pushed housing affordability to its lowest level on record. The Commonwealth Bank of Australia – Housing Industry Association (HIA) Quarterly Review of Housing Affordability for the September quarter showed the index falling 2.1 per cent to be 8.3 per cent lower [...]

First home buyers increase mortgage home loan approvals 10% as first home buyers grab home buying bargains.

House prices are defying gravity as lower affordability pushes many would-be homeowners aside. So if the average first home buyer is missing out, who is doing the buying? As buyers miss out on properties that sell for far more than the advertised quote, the question needs to be asked whether this is the result of [...]

In the US the average first home buyer is 44 and in Australia it was approaching 38 years old, but recently fell as a boost to the First Home Owners Grant spurred many young people to build new homes in 2009. Later figures are yet to be freely available, but I suspect that this has forced younger people into buying sooner and this would have meant that we are now in the zone wherehomebuyers are again creeping to 40 year old age bracket.
In the UK the figures in a survey showed 20% of potential first-time buyers expect to be 40 years old before they buy their first house.