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This is the best time to buy a home as per RBA

In this time of crisis, we have finally got some good news. As per the statements of Philip Lowe (governor of RBA), this is the best time to buy a home, especially for the first home buyers. The market has come to such a situation that seems most favorable for first home buyers.

All of this information came to the public when the discussion was going on in parliament. There, the governor urged all the first home buyers to buy a new home. The number of first homeowners is increasing day by day. So, the demand for first homeowners is very strong.

The interest rates are at a record low, and several other financial aids are also there. Some of the best government programs include First Home Owner Grant and First Home Loan Deposit Scheme. The First Home Owner Grant is a subsidy for the first home buyers.

In that speech, Lowe didn’t address the other concerns well enough. A country like Australia that has such a small population growth can face difficulties because the international borders are not free.

There are going to be several changes in lending policies. The government is trying hard to help the banks get rid of credit.

What about the Australian economy?

To explain the Australian Economy situation, Lowe said that he is very optimistic about the recovery of the Australian economy. He also said that the Australian economy is recovering at a rate that is higher than expected.

The latest financial department data says that the economy is expected to grow by 5% in 2021 while with 4% in 2022.

But there is undoubtedly some bad news about the laborers. The unemployment rate is currently 7% and it will remain above 6% for the upcoming two years.

When someone asked about the vaccine’s status, Lowe said that the vaccine would be available for common people till the last of 2021.

Amidst such chaos, if you plan to have a home loan, you can visit our site for more information about it.

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