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Home Lending Continues to See Increases

By Kevin Kelly

Home lending is on the rise in Australia, something those seeking real estate in Bunbury South should keep in mind.

"The owner occupier segment of new home lending is showing encouraging signs," said Housing Industry Association Economist Diwa Hopkins in an April 9 media release.

"Following a strong result in January, the number of owner occupier loans for the construction of new dwellings increased again in February by 0.8 per cent. Over the three months to February the rise was 7.2 per cent."

What's more, the total number of new home loans for the purchase of new dwellings increased 2.7 per cent during the three-month period ending in February. This brings housing finance for new homes to a level 15.4 per cent higher than the same time last year.

With the Reserve Bank of Australia's decision to keep the official cash rate unchanged at 2.5 per cent during April, it's a fantastic time for prospective home buyers seeking affordable home loans.

And  as rents rise across the country, it could even be more affordable for some Australians to purchase real estate in Bunbury South instead of renting.

Also, with more new homes being built, this could lower price pressure in the home buying market even further.

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