FIRST home buyer loan approvals have increased strongly over the last two years with 115,000 approved in the last financial year alone \u2013 the largest number since 2009-10.<\/p>\n
This has seen first home buyers share of new residential lending rise from 13.7 per cent in October 2016 to 18.1 per cent in October 2018 to be at its highest level in six years.<\/p>\n
Federal Treasurer Josh Frydenberg said that during the Rudd-Gillard years new lending to first home buyers fell from 19.1 per cent at the end of the Howard Government to 16.3 per cent as the youth unemployment rate surged by nearly 3 percentage points.<\/p>\n
He said that the recent improvement in first home buyer activity was driven by a number of factors including the Federal Government\u2019s plan for a stronger economy and the creation of over 1.2 million jobs.<\/p>\n
\u201cEmployment is the foundation for buying a first home and with more than 100,000 young Australians getting a job last financial year, the highest number on record, the future looks bright,\u201d Mr Frydenberg said.<\/p>\n
\u201cOver the last year Coalition Government initiatives have also played an important role in supporting people realise their dream of owning a home.<\/p>\n
\u201cThe Government has successfully implemented a number of measures announced in the Reducing Pressure on Housing Affordability 2017-18 budget package.<\/p>\n
\u201cThis includes initiatives such as the Government\u2019s irst Home Super Saver Scheme and incentives for older Australians to downsize and put proceeds of sale into their super.<\/p>\n
\u201cThe major credit rating agencies have warned of the negative consequences to the broader economy from a sharp fall in house prices which could stem from a larger pullback in investor demand putting at risk our AAA credit rating.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
FIRST home buyer loan approvals have increased strongly over the last two years with 115,000 approved in the last financial year alone \u2013 the largest number since 2009-10. This has seen first home buyers share of new residential lending rise from 13.7 per cent in October 2016 to 18.1 per cent in October 2018 to […]<\/p>\n