First time home buyers in a rush

The December 31 deadline for First time home buyers has sparked increase demand for mortgage lenders to get home loans approved in time.

Independent mortgage management firm Australian Mortgage Options says its been inundated with loan applications from First time home buyers in recent weeks.

The stamp duty savings combined with a best value home loan can potentially save young property owners more than $17,000 on a property purchase of up to $500,000.

Robert Projeski, MD of Australian Mortgage Options said there's been an upsurge in applications from keen First time home buyers wanting to make their purchase before the end of the year.

"While brand new, never-been-lived-in properties including off-the-plan purchase will still give eligible First time home buyers concession on the transfer stamp duty charges, for first home time home buyers looking to buy existing properties, the First Home Buyers' Grant worth $7 000 will be all that is on offer come the first of January next," Mr Projeski said.

"The additional stamp duty concession has certainly had a notable impact on the property market and first home buyer activity with the end date of December 31st creating quite a rush among First time home buyers ," he said.