Low-interest mortgages for first-time home buyers in Australia could be in demand, after it was revealed that Australian home prices are expected to decrease this year.
Mortgage brokers have informed the East Torrens Messenger that individuals who were unable to purchase homes last year may now get assistance.
Low-interest mortgages could be one way to financially support those who are looking for their first home.
Melissa Burt, acting State Manager at Mortgage Choice, said that rates will remain stable for the next 12 months.
Combined with the declining house sales, home buyers may finally take the elusive first step, as lenders attempt to start up the real estate market.
Such a scheme could see more mortgages available for Australians, who need less down payment to acquire their own home.
According to the recent Mortgage Choice study, more than half of Australians believe that a possible increase in rental costs is a good enough reason to try and buy their own home.