Gladstone first home buyers held back by interest rates

FIRST home buyers in Gladstone are being pushed away from the market with high interest rates, according to one of Australia's richest men, who is supported by an international economic forecaster.

They say interest rates should be fixed at two to three per cent for three years for first home owners to entice them back into the market.

Property millionaire Kevin Young said the Reserve Bank needed a major shake-up to entice first home buyers back into the market.

"Unless we do something now, the window of opportunity for first home buyers in Gladstone is narrowing because of the fence-sitting of the Reserve Bank," he said.

Economist Clifford Bennett said the Gladstone market was in a new growth phase but it needed to be underpinned by first home buyers.

"The market needs stability and that stability can come by offering first home buyers a locked-in two to three per cent rate for three years where they are then not ripped off by bank fees," he said.

The men called for Gladstone residents to tell their local federal MP Ken O'Dowd that they had had enough of the incompetence of the Reserve Bank.



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