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{{propApi.successMessage}} {{region}} Change locationMortgage buffer, major barrier for first home buyers
Mortgage buffer, major barrier for first home buyers
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“The proposal to review mortgage lending rules and the serviceability buffers to tilt the scales back towards supporting first home buyers into home ownership is a strong and timely response to one of the most significant barriers to home ownership,” HIA Managing Director Jocelyn Martin said today.
“HIA has consistently raised concerns about lending regulations that no longer reflect today’s economic reality. The current settings—particularly the 3 per cent serviceability buffer—are unnecessarily restrictive and are locking people out of homes loans they could otherwise adequately service.
“Access to finance is one of the most significant barriers holding back more Australians into housing and with home ownership rates at record low levels, we need all levels of governments and all parties to look at all options to reverse this worrying trend.
“HIA has previously advocated on the need for governments and APRA to ‘consider the impact of financial regulation on housing affordability and first home buyer access to the market’. It’s encouraging to see that message being taken seriously in this policy.
“We urge all parties to put the goal of home ownership at the centre of their housing policy platforms. This is an opportunity to restore greater equity to the system and give more Australians the chance to own their own home,” concluded Ms Martin.
Read more on HIA’s advocacy on how the Federal government can support financial settings that encourage home ownership for all Australian's.
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