Whilst we all want our castle, it’s unlikely to be our first home and practically speaking, nor should it be. First home buyer loans around the country have decreased dramatically. In fact, in an article for the Property Observor, Jonathon Chancellor, through discussions with Mark Hewitt of AFG, highlighted that first home buyer loans had fallen to all-time lows. This seems incongruous given the level of financial support available through various state funded first home owner grants and interest rates that are riding cyclical lows that appear set to continue for some time.
Tasmanian first home buyers who acquire new or build presently have access to $30,000; a sizeable level of assistance in anyone’s language! So what is dampening their enthusiasm in the face of a once in a lifetime opportunity to gain a foothold in the great Australian dream? One train of thought can be found here; Terry Ryder of the Property Observor puts forward his thoughts.