IF you\u2019re looking to get a home loan, it\u2019s likely that you\u2019ve been following the property market for a little while.<\/p>\n
Australia has experienced a huge change in the property market in the last decade with changes in sales dramatically affecting mortgage applications and approvals from lenders.<\/p>\n
The background<\/strong> Now however, times have changed, and in September 2018 property prices were falling for the eleventh month in a row. There\u2019s a real slump in property prices and you\u2019ll want to consider how this affects your mortgage application.<\/p>\n First time buyers<\/strong> As the number of buyers looking for investment properties drops, there is now more space for mortgage applications from Property prices are dropping overall \u2013 not just in the major cities but also the country so it\u2019s a good time if you\u2019re looking to get on the property ladder.<\/p>\n
\nRewind to five years ago and it was pretty easy to get a mortgage application, home loan approvals were common and this led to almost six years of rapid growth \u2013 especially in key cities such as Sydney and Melbourne.<\/p>\n
\nBanking royal commission rules are getting tighter especially around those looking to refinance loans.<\/p>\n
\nLower property prices can be helpful to first time buyers who are taking the decision to wait and see what bargains they can find.<\/p>\n
\nfirst time buyers.<\/p>\n