Wizard says First Home owners genuine

Amid revelations of million-dollar properties bought with the First Home Owners Grant, a Wizard Home Loans study shows that the majority of first homeowner grant recipients are genuine borrowers who have used the grant to improve their financial situation. According to the Wizard study of 5,000 grant recipients:

– The average loan size was $182,000
– The average house value at settlement was $211,000
– The average borrower had around 10% deposit

“The study confirms that the bulk of grant recipients are people who genuinely need the grant to get into the market,” said Wizard spokeswoman Lisa Montgomery.

The study reveals that grant recipients are doing well to pay off their mortgage:

– 88% are ahead with their repayments
– 75% are paying more frequently than the standard monthly instalment.