Honeymoon Over For First Home Buyers and Bank Lending
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Aussie Banks About To End First Home Buyers Party
Today whilst conducting some office visits, I mentioned to the teams I was working with a story I came across last night on Crikey, regarding Australia’s leading banks and their move to end the first home buyers party.
From Monday, headed by the Commonwealth bank, banks will not recognise the the $14,000 for an existing home and the $21,000 for a new home government grants as proof of saving. The banks will now require first home buyers to have saved 3% of the purchase price over 3 months leading up to the application. This move has been brought about by the overwhelming number of home loan applications banks have received over the past few months.
I don’t normally cover this type of story, but given that the agents I spoke with this morning were not aware of the move I decided to post it today for your information.
The full article written by Glenn Dyer is available for you to read by clicking here
