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MFAA Prosper : Mortgage and Finance Brief 05
The Upgrader, or 'Rebuyer' as they're also known, has been in the property market previously, so it's not unfamiliar territory for them. They've 'been there, done that' -- in some cases, many times before -- and they know what they want. They are now looking to buy a bigger, better home, and often in more affluent areas. It is this client that is proving a more substantial market for brokers now that the Federal Government's boost to the First Home Buyers grant has ended. Data from the Australian Bureau of Statistics shows that first home buyers have dropped away to just 9% of the housing finance market in the last 12 months, says Kim Davis from property analyst Residex. Targeting upgraders: It's a matter of trust The phasing out of the Federal Government's First Home Buyer grant program is prompting mortgage brokers to look to more experienced horizons for business -- the Upgrader. Words Jeanette Stephen Upgraders and investors jumped to a combined 76%. "Not only is the First Home Buyer market dwindling, but the smaller loans of first home buyers typically hold less commission for brokers," Ms Davis said. "Rebuyers and investors typically bring bigger commissions for brokers through the banks and they're more readily approved for loans. "Brokers should ideally be targeting their existing database, looking for those who hold a lot of equity in their home or those looking to invest." Residex's Broker Business Packs (Bronze, Silver and the recently released Gold) provide reports, data, calculators and marketing materials to help brokers approach these markets. 40 | Mortgage & Finance brief
Mortgage and Finance Brief 06