Lending is 'beginning to improve'

07-Jul-2009

First-time buyers might be pleased to hear that although lending is still subdued, it is beginning to improve.

This is the view of policy advisor at the Building Societies Association Victoria Barnard who explained home prices are now a lot lower – which could be great news for those looking to purchase their first property.

She noted those who are offering mortgages or loans are doing so to a quieter market than they have in the past.

However, Ms Barnard stated although no one can tell when the country has actually reached the bottom of the recession, providers are becoming more confident as it starts to level out.

"That's when lenders will start to have a little bit more confidence and move back to offering more high [loan to value] products - which is where the demand is especially for first-time buyers," she asserted.

According to the Council of Mortgage Lenders, 13,500 people getting onto the first rung of the property ladder took out mortgages in April 2009 – up 11 per cent compared to March of the same year.

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