First home buyers flee property market as loan demand drops for third straight month

First home buyers are fleeing the market according to the latest mortgage demand figures. Picture: NCA NewsWire / Max Mason-Hubers First home buyers are continuing to flee from the property market as mortgage demand falls for the third straight month. New figures from ratings agency Equifax revealed demand for first-home buyer loans dropped again over September and was 22 per cent below the level reported at the same time last year. Recent budget tax reforms were sold as “levelling the playing field” for first home buyers by limiting investor demand but the Equifax Consumer Market Pulse shows there’s less people entering the market all together. Equifax chief solutions officer Kevin James said there was a notable shift in borrowing behaviour as young buyers turned away from taking on debt. MORE: Salary you now need to afford home in each Sydney suburb Treasurer Jim Chalmers (L) said the Budget reforms were intended to address “intergenerational equity”. Picture: Tertius Pickard / NewsWire MORE: Home price crash deepens but with a twist “Rather than taking on expanded debt commitments in a sustained high-rate environment, Australian households are taking a decisive step back,” Mr Ja...