More first home buyers are struggling to get their mortgage applications over the line with lenders.
First home buyers are more likely to be turned down by a lender than they were two years ago, as higher interest rates and higher rents – among other factors – make it harder to get on to the housing ladder.
She says the figures include those who are approved for a mortgage but do not proceed, but that the broader trend of rejections is clear in the data and will likely continue until interest rates start to fall. Inflation was 4 per cent for the year to May 31, and our central bank could increase the cash rate when it next meets in early August.For many first home buyers, it is the deposit that is the biggest hurdle. The federal government’s low deposit schemes, which are designed to help those with less than 20 per cent deposit to get a mortgage, will add 50,000 more places for eligible home buyers this financial year.
Sarah Megginson, personal finance expert at Finder, says early inheritance can help to drastically improve the lives of children, such as using the money for a deposit on a home or investing in education.
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