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Rising interest rates aren’t the only headache for potential home buyers, who face new brakes on their ability to save a deposit and get a home loan.
After the last property boom five years ago, a drop in the market left some buyers facing “mortgage prison”, and experts warn this risk could rear its head again.
Melbourne’s entry-level house prices have soared by more than 80 per cent in a decade, and while the government’s offer of help to get on the ladder is popular, experts say it risks adding fuel to the fire.
The savings grind for many young couples scraping together a house deposit has stretched out to more than six years, and for singles the challenge is even harder.
Property prices are sky-high, but many people will find it harder to buy as a lending clampdown cuts their borrowing capacity by as much as 15 per cent.