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No Last Minute Rush To Take Advantage Of Federal Home Loan Grant
The proportion of first time home buyers that are rushing to take advantage of the Federal Government’s housing subsidy before the deadline for the enhanced scheme expires on September 30th has fallen during the month of September compared with that of August, a leading mortgage broker has said.
First time mortgage borrowers declined to 20 per cent in September, compared with 20.9 per cent in August, according to the Australian Finance Group (AFG) Mortgage Index.
The proportion of first time home buyers has declined from its peak level of 28.1 per cent in March.
Mark Hewitt, AFG’s general manager for sales and operations said that there was no rush by first time home buyers to take advantage from the extended subsidy before the deadline expires on September 30th.
“There was a lot of anticipation about a surge of first home buyer activity in September – but this never materialized. It suggests that most of the demand had already been pulled forward as a result of speculation prior to the federal budget that the increased grants would not continue.” Mr. Hewitt said.
As part of its fiscal response to the global economic slowdown and threat of recession tripled the subsidy made available to first time home buyers purchasing brand new properties to $21,000, and doubled it for those purchasing existing homes to $14,000.
In May, the Federal Government extended the increased subsidy for an additional 3 months, ending on September 30th, after which it would be phased downwards from the 1st of October.
From October 1st the subsidy will be revised downwards to $14,000 for brand new homes, and $10,500 for existing homes, and from December 31st, the subsidy will be scaled back to $7,000 for both categories.
Mortgages written by AFG hit a record average of $360,000 in September, up from the previous high two months earlier of $354,000.
The increase in average home loan value reflects the general trend of increases in consumer confidence and property prices the mortgage broker said.
The index said the share of investment loans rose to 29.8 per cent in September from 27.1 per cent in August, signaling a return of confidence amongst property investors.
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i am interested in a business loan to start importing a vessel of sugar or cement in our country.please advice which institutions to contact