Westpac Incentive for the 1st. Home buyer February 2005 RETURN
In our October issue we reported the strengthening of the sales to first home buyers. With over 17% of sales in July 2004 to the sector it is a feature player in the market and should be a growing force with more mortgage product options than ever before . Westpac have swiftly reacted to this and released a special mortgage product for the first home buyer. The standard variable rate has been slashed to 6.37%. The discount remains for the life of the loan, as compared to many low start loans that revert to higher charges after a honeymoon period expires. There are projected claims of over $26,000 in savings over the life of a $207,000 loan. Customers would need to qualify for the federal government’s $7000 first home owners grant to be eligible for the special rate. This is a clear response to the expectation of more people entering the property market over the long term and the big players want to have their market shares protected. The Australian Bureau of Statistics suggest 18.2% of owner occupiers are currently first home buyers and that this figure will grow. All in all it paints a confident picture of a continually growing property market and a sustainable demand for new properties created by future development. Good news indeed. Supplied by Paul Harrison, Director of Sales, Marston & Cook bus. 9373.3004
In our October issue we reported the strengthening of the sales to first home buyers. With over 17% of sales in July 2004 to the sector it is a feature player in the market and should be a growing force with more mortgage product options than ever before . Westpac have swiftly reacted to this and released a special mortgage product for the first home buyer. The standard variable rate has been slashed to 6.37%. The discount remains for the life of the loan, as compared to many low start loans that revert to higher charges after a honeymoon period expires. There are projected claims of over $26,000 in savings over the life of a $207,000 loan. Customers would need to qualify for the federal government’s $7000 first home owners grant to be eligible for the special rate. This is a clear response to the expectation of more people entering the property market over the long term and the big players want to have their market shares protected. The Australian Bureau of Statistics suggest 18.2% of owner occupiers are currently first home buyers and that this figure will grow. All in all it paints a confident picture of a continually growing property market and a sustainable demand for new properties created by future development. Good news indeed. Supplied by Paul Harrison, Director of Sales, Marston & Cook bus. 9373.3004