First-time house buyers in Australia this summer took out bigger loans than same period a year ago, writes Nick Gibson.

Australian Bureau of Statistics says that average loan size for first home owners increased from $246,500 in 2008 to $269,100 in July 2009. This compares with average mortgage for a new house of $266,900.

trend suggests that first-time home buyers have been contributing less of their own savings while taking advantage of $21,000 in government housing grants introduced this year as as part of a national stimulus package.

New house sales rose 11% across country in August, biggest increase in three years. House sales in Victoria are up by a record 22%.

New home owners now account for 30% of all new mortgages lent by banks, compared with under 20% before introduction of grant incentives.

While grants available to house-buyers are due to end shortly, industry observers believe this will not kill off demand for new housing.

“ housing grants have helped to incentivise a property market that shows no sign of stalling and is forecast to grow consitently over next decade,” says Darrell Todd, ceo of thinkingaustralia.com

According to latest offcial figures, Australian households enjoyed a 4% lift in disposable income despite working fewer hours as a result of tax cuts and stimulus payments.

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