First homebuyers are storming back into the residential property market after having steered clear of it for most of the year, according to mortgage broker AFG.
AFG’s Mortgage Index revealed the volume of loans arranged by AFG for first homebuyers has increased by 120 per cent in three months.
AFG arranged $474 million in home loans for first-time buyers in November, compared to $215 million in August, according to Mark Hewitt, general manager of sales and operations.
He said in many ways there had never been a better time to buy a first home.
“Mortgage repayments are significantly lower than they’ve been for a long time and may go even lower, property prices in many areas have become more affordable and buyers are keen to take advantage of generous government incentives while they’re still on the table.”
