Thursday, April 23, 2009

First Home Buyer $14000 grant creates average $51,000 more debt

Statistics from Our Home Sweet Home has found that the average value of houses purchased by people taking up their first homebuyer grant is $51,000 more than those who purchased houses 12 months earlier without the homebuyer's grant.

Since then, there have been articles suggesting that first homebuyers may be struggling with their newfound debt.

“We have a potential debt time bomb on our hands. Lured by improved affordability and borrowing power, first time buyers are looking to suburbs and properties that traditionally were not within their reach and taking on more debt without possibly fully appreciating what will happen if and when interest rates go up,” says Peter Boehm CEO Our Home Sweet Home.

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