New research announced today by specialist home lender, RAMS suggests the recent boost to the First Home Owners Grant (FHOG) and low interest rates have influenced the first home buyer market but are not deal makers.
According to the RAMS Home Loans First Home Buyers Pulse Check, 3 in 4 first home seekers said they would still be looking for a first home regardless of the boost to the FHOG and almost two thirds (62%) would still be looking for a property in the absence of interest rate reductions.
RAMS Head of Brand and Marketing Lynne Wyatt said: There is no doubt that the FHOG has been a catalyst and an enabler offering many Australians a valuable head start into the property market and has had a knock-on effect to other industries so it is an important part of stimulating the economy.
Our research found 7 in 10 home seekers say that their decision to start the search for a first home has been influenced by recent enhancements to the First Home Owners Grant (FHOG). Almost 8 in 10 say they have been influenced by recent interest rate cuts, she said.
This is backed by all-time records for the number of first home loan applications to RAMS since the stimulus package was introduced last October.
However, when we asked first home seekers if they would still consider buying a first home in the absence of the boost and interest rate reductions, we were surprised to find 75% of Australians would still be looking to purchase a first home without those drivers in place.
In fact, first home seekers told us the biggest barrier to first home ownership was high property prices and saving for a deposit. This may reflect the high demand for property amongst first home buyers has pushed the price of many homes out of reach.
Interestingly, first home buyers also told us a home in a safe area was very important,closely followed by anything I/we can afford, she said.
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