Buying your fist home is both an exciting and worrying time for most Australians. With record low interest rates in Australia it is a great time for new buyers to enter the market.
However despite low interest rates it can be a hard time for new home guyers to enter the property market. This is due to a number of factors, namely:
- They are generally earning less as they are young
- With low interest rates there is high property demand leading to increased property prices
- Low interest rates have lead to lower interest from savings meaning smaller deposits
The Federal and State Governments constantly introduce incentives to help first home buyers but rising property prices detract them from owning a home sooner. Banks and other financial institutions also introduce incentives from time to time to attract new customers.
Despite all of this it is important for first home buyers to research the home loan market and compare home loans including the costs and features different products to find the best product which matches their needs and requirements.
Compare variable rate home loans and fixed rate home loans at Australia’s leading financial comparison website RateCity.com.au today to make sure you are getting the best deal you can and also to find out more information about home loans.