australia's basic values are increasingly under threat. Australia is now separated by land owners and non-owners.
Will the govt intervene or do first home buyers have to wait (potentially putting lives/families on hold) for the market to revert to mean?
=======================================================
http://www.brokernews.com.au/news/breaking-news/mums-and-dads-funding-first-time-deposits/47140
Mums and dads funding first-time deposits
By Kevin Eddy | 19 Jul 2010
Getting family and friends to stump up the cash is becoming the most common way of obtaining a deposit for a first property, according to a new survey.
A survey of Loan Market brokers has revealed more than half of the respondents - 56% - believe family pledges and gifts has become the fastest-growing method of acquiring a deposit. The company suspects that borrowers are resorting to such methods as a result of tighter lending regimes.
"Foremost among the factors restricting potential property purchasers is the difficulty in saving a deposit for a home loan," said LoanMarket chief operating officer Dean Rushton. "Younger buyers, in particular, are having to borrow as much as 20% of the property price to obtain a loan: that can mean having to find a considerable sum of money to get into the market."
Rushton said Loan Market had been advocating for lenders to take rental payments into consideration as a factor in assessing genuine savings for a home loan deposit.
That would enable many people to pursue the dream of home ownership, he added.
The survey also found that 2% of brokers reckon that genuine savings is the most popular means of obtaining a depost, while the government's First Home Saver Account was in for a damning indictment, with just 2% of respondents listing it as the first choice.
- Forums
- Property
- imagine
imagine, page-10
-
- There are more pages in this discussion • 22 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Featured News
The Watchlist
JBY
JAMES BAY MINERALS LIMITED
Andrew Dornan, Executive Director
Andrew Dornan
Executive Director
SPONSORED BY The Market Online