PHOTO: Home buyers
Lending rates and prices may be down but home buyers claim being granted loan approval still feels like a win, comparing the feeling to a wide range of surprising events.
Home buyer hopefuls have described the feeling of getting a loan after a tortuous approval process as like winning a grand final or kissing a crush for the first time.
A new survey has found some buyers also likened the experience to winning a raffle or knocking home early from work on a Friday.
Buyers’ elation at getting approval has come amid an ongoing squeeze on credit, where regulators are still putting pressure on banks to impose tighter lending standards.
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Housing slump hits uncharted territory
And the credit crunch has continued despite the Reserve Bank of Australia adjusting the cash rate earlier this month to the lowest level since Robert Menzies was prime minister in the 1960s.
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