Housing affordability holds back first home buyers

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Housing affordability is by far the main issue facing first home buyers, according to the latest survey from Loan Market.

The poll’s 976 respondents were given four issues to choose from and housing affordability was the clear frontrunner, taking 65% of the vote.

A lack of competition between lenders came in second with 13%, followed by interest rate levels (12%) and a potential housing bubble (10%).

"The survey result shows that the RBA leaving the official cash rate alone for the past five months seems to have neutralised interest rates as a deterrent,” said Loan Market CEO Dean Rushton. "With rates on hold and unemployment continuing to fall, First Home Buyers are surveying their options in the market.”

"The upcoming federal budget provides the government with an opportunity to offer real assistance to first home buyers. Most observers would concede that the First Home Savers scheme has failed to have any meaningful impact," he added.

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