Abstract
Overview
Introduction
Despite record lack of affordability, first home buyers are gradually
returning to the mortgage market. Mortgage providers have launched a range of
products in order to target them better. Still, catering to first home buyers
remains a difficult but important task.
Scope
- This report analyses data to understand first home buyers in the context
of the mortgage market in Australia.
- This report analyses products already in the market for first home buyers
in Australia, as well as discussing new products.
- The report concludes with forecasts of first home buyer lending
commitments to 2011.
Report Highlights
In terms of value, lending commitments to first home buyers of owner-occupied
housing have increased from AUD$17.1 billion in 2003 to AUD$29.2 billion in
2006. This corresponds to a compounded annual growth rate (CAGR) of 19.6%.
One of the main target segments for shared equity mortgages are first home
buyers struggling with lack of affordability, as monthly mortgage repayments
will be lower than if borrowing for a property with a small deposit.
It is Datamonitor' s opinion that supply side solutions are likely to be most
important in improving housing affordability, given that the current tight
housing supply translates higher demand into higher prices.
Reasons to Purchase
- Detailed analysis on lending commitments in Australia.
- Detailed analysis of mortgages available to first home buyers including
products that are to be launched in 2007.
- Provides forecasts of first home buyer lending commitments for Australia
up to 2011.
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