First Home Buyer News!

First home buyers…It has been reveled by “Crikey’ that The Australian Banks, currently led by the Commonwealth, are about the end the dream for first home buyers, and could to some extent bring the downfall to our economy that is being fulled by first home buyers.

As of Monday….yes Monday the 23rd!! The Commonwealth Bank will not recognise the first home buyers grant of $14,000 for an existing home and furthermore the $21,000 for a new home as proof of savings.

They will now demand a percentage of savings over three months, 3% in fact of the purchase price leading up to your application. The CBA will also not accept gifts or other forms of financial assistance from mums and dads, grandparents or uncles as the proof of saving that new dreaded 3%, if it has not been in a account for at least three months.

The banks have been swamped with loan application’s and are doing their best to slow down the process, with a tougher stand on credit checks and valuations of property’s are all OK.

With this huge volume of loan applications the banks are seeing, this proves yet again that there should be an extension to the government grants, and now is a great time to sell and upgrade or to get your very own first home. For me now more than ever is the right time to buy your very own piece of Australia, so get out there find that dream home and grab it!

For all the latest property results look up my website www.bradleyryan.harcourts.com.au or follow me on “twitter”  brad_ryan

Have a Fantastic weekend!

Brad