Home News Housing affordability still steep

Housing affordability still steep

Font size :
In NSW, home loan affordability improved, but it remains the least affordable state in the country - with 35.4% of family income required to pay the average loan. Queensland affordability also increased marginally. Canberra is the most affordable, with the proportion of family income required to pay the average loan dropping from 19.9% to 18.8%. Affordability decreased in Victoria (30.8%) and Western Australia (28.4%). "The situation continues to be very grim for first homebuyers in particular," said Tony Brasier, REIA president. "Only 19.1% of those who borrowed to buy a home in April 2006 were first homebuyers. While this is an improvement on the very low average of 15.1% during the period July 2002 to June 2005, unfortunately the return of first homebuyers to the market has been slow. "The first homebuyer's grant of $7,000 does not even meet the state government's stamp duty bill in some states. The final step in getting real about increasing the number of first homebuyers in the market must be exemptions from stamp duties."

With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now

Mortgage News and Articles

Choosing the right mortgage is hard for many first-home buyers Choosing the right mortgage is hard for many first-home buyers

Many feel overwhelmed by the sheer range of products and interest rates on offer, a new survey reveals Read more

Mortgage applications drop in second quarter Mortgage applications drop in second quarter This marks the “beginning” of a downward trend, says Equifax executive ... Read more

To break monopoly, many smaller lenders could become banks To break monopoly, many smaller lenders could become banks The proposed change could break the Big Four’s monopoly over the mortgage market and help families get cheaper home loan rates ... Read more

Borrowing against the home: A strategy to pay for aged care Borrowing against the home: A strategy to pay for aged care Such debts can generally be divided into long-term and short-term loans ... Read more

More mortgage news and articles

Sponsored Links

Monday, Jul 24, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Whether you're a first homebuyer, looking to refinance, or investing, it's important to have the right loan for your needs. Just fill in a few details below and one of our trusted mortgage advisers will contact you.

A quick & easy way to find the right home loan
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords