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First Home Buyers Opportunity

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Mortgage brokers report busy times as first-home buyers take advantage of the First Home Loan Deposit Scheme from the Federal Government. But other owner-occupiers and investors are also keen, say independent mortgage brokers.

The pattern is most apparent in Melbourne, with Chris Foster Foster-Ramsay, a principal mortgage broker at Foster Ramsay Finance, saying he was “flat out” processing applications. His appointments have so far been up by 200 percent year-on-year since November. Most applications have come from first-home buyers and upgraders with many interested in $600,000 to $700,000 range of Melbourne properties.

“There are decent properties close to transport, schools … what that means is as soon as the property is coming on in those fringe suburbs anywhere between the $300,000 to $400,000 range, the competition is excessive.”

Melbourne-based director of 40Forty Finance and mortgage broker Will Unkles says business is booming with inquiries far stronger than half a year ago. The Lending Alliance mortgage broker Keegan Rezek, based in Sydney, confirms that the overall number of applications for home loans has recently been caught up.

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