AFG: $2.7bn month attributed to first home buyers

by Caroline Dann02 Aug 2012

AFG's strongest July in five years is being attributed to a "powerful cocktail of incentives" luring first-home buyers into the market.

 
The brokerage processed the highest amount of mortgages last month since July 2007, amounting to $2.7bn. 
 
The percentage of first-home buyers also spiked, to 17.3%.
 
"Low interest rates, soft property prices and escalating rents create a powerful cocktail of incentives to get people into the property market," said AFG's general manager of sales and operations, Mark Hewitt.
 
For those refinancing, non-majors jumped in popularity to 26.7% of the market share.
 
Meanwhile, the number of fixed-rate loans continued to plateau, as variables proved more popular.

 

COMMENTS

  • by Country Broker 2/08/2012 10:52:26 AM

    This will be particulary relevant to Victoria where applicants had to sing consruction contracts by 30th June 2012 to be able to apply for a FHOG construction grant of either 26,500 in regional VIC or 7,000 less in Melbourne , crazy if they did not do it . A real shame the victorian goverment thinks that stamp duty reductions will keep forst home buyers in the construction market !! Especially when the Qld and NSW goverments have reintroduced incentives for construction.

  • by Kym Dalton 3/08/2012 8:56:55 AM

    Could be accused of pickiness here, but "luring" first home buyers into the market? One of the definitions of "luring" is "artificial bait used in fishing or trapping" One would hope that first home buyers are not being fished or trapped.