Opening an opportunity for first home buyers to enter the market

 

Real estate agents throughout the city are calling for the 20% deposit to be scrapped for first home buyers on properties up to the value of $750,000 to help these buyers into their first homes.
Banks should be able to look at the persons current outgoings, savings and credit history and make a decision based on that as to whether or not they can service a home loan. Considering some renters are paying more to rent a property then they would on a mortgage, it would make sense for this to come into consideration. They should also be required to pay some sort of a deposit, whether that be 5 or 10 percent, but this figure is easier to obtain than 20% in this market.

 

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