Buying your first home? Banks are competing harder for your loan
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First-time buyers represented 46.5% of all home loan applications during the third quarter. This trend comes as house prices have increased on an annual basis. Many of these buyers are using smaller deposits to enter the market. Consequently, there is an increased reliance on home loan finance to cover costs. Banks are currently competing more aggressively to secure these loans.
First-time buyers accounted for 46.5% of home loan applications in the third quarter, as house prices rose annually but buyers put down smaller deposits and increasingly relied on home loan finance.