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No need to panic

FIRST time homebuyers should not be put off by the increases in interest rates, according to Residential Mortage Services managing director John Bignell.

Mr Bignell said, while increasing rates had resulted in a slight decline in housing affordability, Australian interest rates are still at historically low levels.

“Home ownership is still very affordable and people wanting to buy for the first time should not be discouraged,” Mr Bignell said.

“There is a lot of competition between lenders which has led to products that provide borrowers with the opportunity to pay their loan more quickly.”

Mr Bignell recommended prospective buyers seek the assistance of mortage originators to get the best home loan deal from the market.

In spite of recent increases in interest rates, WA has the equal second highest rate of homeowners paying off a mortgage.

According to the Australian Bureau of Statistics, 35.3 per cent of Western Australians have a home loan and a further 38.7 per cent own their home outright.

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