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Changes in legislation have made an immediate impact on one significant sector of the home loan market, an industry stakeholder has said.
Following the termination of generous first home buyer schemes in four states and territories, mortgage broker Loan Market’s nationwide data for July showed a 6% fall in enquiries from first home buyers.
"First home buyers made up 29% of enquiries - down from 35% in June,” corporate spokesperson Paul Smith said, adding that the drop off came as no surprise.
But, he said enquiries from those looking to upgrade their properties had risen 6% over the same period.
The data also revealed investors accounting for 8% of enquiries, refinancers for 6% and business loan enquiries for 3%.
Aussies prefer DIY, mortgage broker claims on home makeovers - Many Australians are carrying out their own home renovations to cut costs, one market commentator has claimed.
Borrowers soothe market jitters with fixed rates - survey - Borrowers concerned about rate decoupling will be more inclined to fix their interest rates in the future, a new survey has found.
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