With a cash rate reduction looking almost certain next week, first-home buyers are gearing up to make their move into the property market, according comparison website Finder.
Finder has witnessed a 55% rise in visitors to first-home buyer guides so far this month compared to May 2018. It’s the biggest spike in visitors to those pages in 12 months, coinciding with a long-awaited potential rate reduction – the first change to the official cash rate in almost three years.
Graham Cooke, insights manager at Finder, says: “There’s a perfect storm brewing for FHBs. Property prices are dipping, lenders are dropping their rates and a first home buyer’s scheme is on the cards.
“After 31 months of no change, all signs are pointing to a cash rate cut next Tuesday. The expected move is causing a flurry of rate drops among lenders, especially on the fixed home loan front.”
In the last week, seven lenders have lowered their rates on more than 48 owner-occupier loan products. Looking at the whole month of May, Finder analysis reveals this swells to 40 lenders across 333 products.