A sample of the information from the 2010 First Home Buyers Survey released in March 2010
If interest rates rise by 2%, 71% of Australians looking to buy their first home in the next two years will still make the purchase, according to results from a recent First Homebuyers Survey. The full breakdown was shown as:
- If rates rise by 0.25% 98% would still buy
- If rates rise by 0.25% to 1.00% 95% would still buy
- If rates rise by 1.00% to 2.00% 79% would still buy
- If rates rise by 2.00% to 3.00% 71% would still buy
The 2009 First Homebuyers Survey showed that 71% were planning to make lifestyle sacrifices in order to purchase.
This has now changed, in the 2010 survey, to 78%.
The breakdown of expected mortage sizes for First Home Buyers from the survey:
- 26% expected to borrow between $200,001 and $300,000
- 33% expected to borrow between $300,001 and $400,000
- 15% expected to borrow between $400,001 and $500,000
- 6% expected to borrow between $500,001 and $600,000
- 4% expected to borrow over $600,000
- 13% were unsure.