Katoomba buying blow

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Katoomba buying blow

While owning a home remains beyond reach for millions of Australians, those who manage to crack the market may increasingly be getting in over their heads. Login or signup to continue reading. More than a third 37 per cent end up exceeding their budget, according to Finder's latest First Home Buyer Report. Only 20 per cent of those who took part in the research managed to buy for less than what they believed they could afford. Part of the reason for the blowouts was to do with underquoted property prices, Finder money expert Sarah Megginson says. Everything being equal, agents are responsible for proving properties are worth their listed price and informing buyers if estimates change. NSW led the way when it came to buyers exceeding limits, with 41 per cent of respondents doing so. Queenslanders were hot on their heels, with 40 per cent overspending. However Ms Megginson says that's not the only reason buyers overextend. Unfortunately this will have consequences down the track on buyers' ability to service their loans. Meanwhile, credit reporting agency Equifax says mortgage arrears rates have already started trending up, with first-time buyers more than twice as likely than other mortgage holders to be 90 or more days delinquent. Finder's research shows those with higher budgets are more inclined to blow initial limits. Sign up for our newsletter to stay up to date. We care about the protection of your data. Read our Privacy Policy. News Latest News. Home Page. What's On. Things to do TV Guide. Digital Print Edition. Send a Letter to the Editor. Life Celebrity Shopping. Features Special Publications Partner Content. Photos and Video. Today's Paper. Heartbeat of Australia. Press releases from AAP. Quick Links. Blue Mountains Gazette's complete view of property. First home buyers blowing their budgets Updated July 16 - am , first published am. Updated July 16 - am , first published am. Facebook Twitter Whatsapp Email Copy. Research suggests only 20 per cent of first home buyers spend within their budget. Create a free account to read this article. So did 31 per cent of Victorian buyers who were polled. Australian Associated Press. Advertisement Ad. Get the latest Katoomba news in your inbox Sign up for our newsletter to stay up to date. Email address Notify me We care about the protection of your data. Australian Community Media. ACM Website. Conditions of Use. Terms and Conditions - Digital Subscription. Terms and Conditions - Newspaper Subscription. Blue Mountains Gazette. About Us. Working With Us. Help Centre. Our Sites. View Insurance. Place an Ad. Promo Codes. Garage Sales.