Buying a home in Australia has not been this easy in years, especially for first homebuyers, according to a recent industry report.
Sinking property prices, dramatically lowered interest rates and expanded government incentives have made now the most affordable time to buy a home in the past five years, according to the Housing Industry Association (HIA).
The HIA's first homebuyer affordability index shows that in the December quarter alone the average home loan repayment dropped by 26% to reach just above $2,000 per month. More specifically, the average monthly payment was $740 less than in the previous quarter.
"The improvement in housing affordability means those on a more modest income can now contemplate a home of their own," said HIA chief executive Chris Lamont.
Lamont noted that, based on the HIA economic modelling, 135,000 households have come out of mortgage stress since December 2008.
Source Your Mortgage Magazine: 12/02/2009
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