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New loans surge for Australian first home buyers
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17:58, August 10, 2009

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Low mortgage rates and a more generous federal grant have fuelled the demand for new home loans for first home buyers in Australia.

Australian Bureau of Statistics data released on Monday showed first home buyers made up 27.1 percent in June, just below the revised 28.5 percent record in May.

Overall demand for mortgages rose by a seasonally adjusted 1.1 percent in June for owner-occupiers over the previous month to 65,151 loans.

This was the ninth consecutive monthly increase.

However, economists expect the stimulatory boost from low rates and a large grant will fade in the second half of the year.

The federal government's increased first home owners grant provides 14,000 Australian dollars (11,740 U.S. dollars) for the purchase of an established home and 21,000 Australian dollars (17,620 U.S. dollars) for a new property, but will be scaled back to 10,500 Australian dollars (8,800 U.S. dollars) and 14,000 Australian dollars (11,740 U.S. dollars) respectively from Oct. 1.

It is scheduled to return to its original 7,000 Australian dollars (5,870 U.S. dollars) for both categories from Jan. 1, 2010.

Source: Xinhua

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