Old timers taking up first home owners grant incentive

According to a survey conducted by Mortgage Choice, there has been a sharp rise in the number of people buying their first home later in life.

Results from the 2009 Mortgage Choice First Homebuyers Survey show that of the 1,012 people surveyed, 51% who plan to purchase their first home in 2009 will be between 30 and 49 years of age.

Some people might be surprised that such a high percentage of people are waiting until their thirties, forties and fifties to purchase their first home, as depending on the size of the deposit, they may be making repayments into their retirement years.

Mortgage Choice Senior Corporate Affairs Manager, Kristy Sheppard said, "perhaps the reason why more and more people are buying later in life is they have been waiting for affordability to improve, or they have enjoyed a relatively carefree lifestyle while building enough savings to comfortably enter the market."

A surprising trend towards owning a larger space has also emerged, with over three quarters (approximately 76%) of respondents looking to purchase a house as opposed to a unit/apartment or townhouse, compared to 54% in 2008.

Although 45% of respondents said that the increase to the First Home Owners Grant was `too good to refuse', approximately 65% of respondents said the main motivation to purchase property this year was historically low interest rates.

Approximately 49% of people surveyd said that low property prices influenced their decision to buy property in 2009, while a further 35% said rent is too expensive, making now an opportune time to purchase.